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10-Q – 2026-05-07 – sofi-20260331.htm
Material Changes to Debt Arrangements During the three months ended March 31, 2026, we did not open or close any warehouse facilities, and no warehouse facilities matured. Our warehouse and securitization debt is secured by a continuing lien and security interest in the loans financed by the proceeds. Within each of our debt facilities, we must comply with certain operating and financial covenants. These financial covenants include, but are not limited to, maintaining: (i) a certain minimum tangible net worth, (ii) minimum unrestricted cash and cash equivalents, (iii) a maximum leverage ratio of total debt to tangible net worth, and (iv) minimum risk-based capital and leverage ratios. Our debt covenants can lead to restricted cash classifications in our condensed consolidated balance sheets. Our subsidiaries are restricted in the amount that can be distributed to the parent company only to the extent that such distributions would cause the financial covenants to not be met. We were in compliance with all financial covenants. We act as a guarantor for our wholly-owned subsidiaries in several arrangements in the case of default. As of March 31, 2026, we have not identified any risks of nonpayment by our wholly-owned subsidiaries. Maturities of Borrowings Future maturities of our outstanding debt with scheduled payments, which included our revolving credit facility and convertible notes, were as follows: March 31, 2026 Remainder of 2026 $ 428,022 2027 — 2028 486,000 2029 862,500 2030 — Thereafter — Total $ 1,776,522 Note 9. Equity Permanent Equity On June 1, 2021, the Company’s common stock began trading on the Nasdaq Global Select Market under the ticker symbol “SOFI”. Pursuant to SoFi Technologies’ Certificate of Incorporation, the Company is authorized to issue 3,000,000,000 shares of common stock, with a par value of $ 0.0001 per share, and 100,000,000 shares of non-voting common stock, with a par value of $ 0.0001 per share. As of March 31, 2026, the Company had 1,281,409,498 shares of common stock and no shares of non-voting common stock issued and outstanding. On July 31, 2025, the Company completed an underwritten public offering of 82,733,817 shares of common stock, at an offering price of $ 20.85 per share. The Company received net proceeds of $ 1.7 billion after deducting underwriting discounts and offering costs. On December 8, 2025, the Company completed an underwritten public offering of 54,545,454 shares of common stock, at an offering price of $ 27.50 per share. The Company received net proceeds of $ 1.5 billion after deducting underwriting discounts and offering costs. In January 2026, the Company completed the issuance and sale of 3,209,206 shares of common stock purchased pursuant to a 30-day option related to the December 2025 underwriting agreement. The Company received net proceeds of approximately $ 0.1 billion after deducting underwriting discounts and commissions paid. Inclusive of the option, the total aggregate number of shares sold in December 2025 and January 2026 related to the offering was 57,754,660 shares, for total cash proceeds of approximately $ 1.6 billion, net of underwriting discounts and commissions paid. 32 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) The Company reserved the following common stock for future issuance: March 31, 2026 December 31, 2025 Outstanding stock options, restricted stock units and performance stock units 74,879,337 69,314,034 Possible future issuance under stock plans 187,896,607 124,357,791 Conversion of convertible notes (1) 19,096,202 19,096,202 Total common stock reserved for future issuance 281,872,146 212,768,027 ____________________ (1) Represents the number of common stock issuable upon conversion of all convertible note principal at the conversion rate in effect at the balance sheet date. As of March 31, 2026, the 2026 convertible notes are potentially convertible into 19,096,202 shares of common stock. We expect to settle conversions by a combination of cash and shares of our common stock, based on the applicable conversion rate(s). See Note 8. Debt for additional information. Dividends Common stockholders and non-voting common stockholders are entitled to dividends when and if declared by the Board of Directors and subject to government regulation over banks and bank holding companies. There were no dividends declared or paid to common stockholders during the three months ended March 31, 2026 and 2025. Voting Rights Each holder of common stock has the right to one vote per share of common stock and is entitled to notice of any stockholder meeting. Non-voting common stock does not have any voting rights or other powers. Accumulated Other Comprehensive Income (Loss) AOCI primarily consists of accumulated net unrealized gains or losses associated with our investments in AFS debt securities and foreign currency translation adjustments. The following table presents the rollforward of AOCI, inclusive of the changes in the components of other comprehensive income (loss): AFS Debt Securities Foreign Currency Translation Adjustments Total Three Months Ended March 31, 2026 AOCI, beginning balance $ 10,340 $ 639 $ 10,979 Other comprehensive loss before reclassifications ( 7,213 ) ( 774 ) ( 7,987 ) Amounts reclassified from AOCI into earnings ( 5,735 ) — ( 5,735 ) Net current-period other comprehensive loss (1)(2) ( 12,948 ) ( 774 ) ( 13,722 ) AOCI, ending balance $ ( 2,608 ) $ ( 135 ) $ ( 2,743 ) Three Months Ended March 31, 2025 Beginning balance $ ( 9,359 ) $ 994 $ ( 8,365 ) Other comprehensive income (loss) before reclassifications 11,462 ( 269 ) 11,193 Amounts reclassified from AOCI into earnings — — — Net current-period other comprehensive income (loss) (1)(2) 11,462 ( 269 ) 11,193 AOCI, ending balance $ 2,103 $ 725 $ 2,828 ____________________ (1) Gross realized gains and losses from sales of our investments in AFS debt securities that were reclassified from AOCI to earnings are recorded within noninterest income—other in the condensed consolidated statements of operations and comprehensive income. There were no reclassifications related to foreign currency translation adjustments during any of the periods presented. (2) There were no material tax impacts during any of the periods presented. 33 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Note 10. Derivative Financial Instruments The following table presents the gains (losses) recognized on our derivative instruments: Three Months Ended March 31, 2026 2025 Interest rate swaps (1) $ 149,518 $ ( 131,736 ) Home loan pipeline hedges (1) 11,936 ( 2,143 ) Derivative contracts to manage future loan sale execution risk 161,454 ( 133,879 ) Interest rate swaps (1)(2) 389 ( 1,094 ) IRLCs (1) ( 2,410 ) 6,847 Total $ 159,433 $ ( 128,126 ) _____________________ (1) Recorded within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income. (2) Represents gains (losses) on derivative contracts to manage securitization investment interest rate risk. The following table presents information about derivative instruments subject to enforceable master netting arrangements: March 31, 2026 December 31, 2025 Gross Derivative Assets Gross Derivative Liabilities Gross Derivative Assets Gross Derivative Liabilities Interest rate swaps $ 145,668 $ ( 1,334 ) $ 61,583 $ ( 133 ) Home loan pipeline hedges 9,614 ( 172 ) — ( 4,547 ) Total, gross 155,282 ( 1,506 ) 61,583 ( 4,680 ) Derivative netting ( 1,395 ) 1,395 ( 133 ) 133 Total, net (1) $ 153,887 $ ( 111 ) $ 61,450 $ ( 4,547 ) _____________________ (1) As of March 31, 2026, we did not have a cash collateral requirement related to these instruments. As of December 31, 2025, we had a cash collateral requirement related to these instruments of $ 3,364 . The following table presents the notional amount of derivative contracts outstanding: March 31, 2026 December 31, 2025 Derivative contracts to manage future loan sale execution risk: Interest rate swaps $ 21,718,947 $ 19,113,953 Home loan pipeline hedges 2,342,000 1,244,000 Interest rate swaps (1) 21,053 21,047 IRLCs (2) 695,367 532,172 Total $ 24,777,367 $ 20,911,172 _____________________ (1) Represents interest rate swaps utilized to manage interest rate risk associated with certain of our securitization investments. (2) Amounts correspond with home loan funding commitments subject to IRLC agreements. While the notional amounts of derivative instruments give an indication of the volume of our derivative activity, they do not necessarily represent amounts exchanged by parties and are not a direct measure of our financial exposure. See Note 11. Fair Value Measurements for additional information on our derivative assets and liabilities. 34 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Note 11. Fair Value Measurements Recurring Fair Value Measurements The following table summarizes, by level within the fair value hierarchy, the estimated fair values of our assets and liabilities measured at fair value on a recurring basis in the condensed consolidated balance sheets: March 31, 2026 December 31, 2025 Fair Value Fair Value Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets U.S. Treasury securities $ 221,588 $ — $ — $ 221,588 $ 75,356 $ — $ — $ 75,356 Agency mortgage-backed securities (1) — 2,806,412 — 2,806,412 — 2,354,606 — 2,354,606 Corporate bonds (1) — 184 — 184 — 185 — 185 Other (1) — 825 — 825 — 833 — 833 Asset-backed bonds (2) — 164,601 — 164,601 — 113,272 — 113,272 Residual investments (2) — — 37,617 37,617 — — 31,355 31,355 Investment securities (3) 221,588 2,972,022 37,617 3,231,227 75,356 2,468,896 31,355 2,575,607 Loans at fair value (4) — 325,029 40,342,220 40,667,249 — 204,133 36,199,228 36,403,361 Servicing rights — — 367,902 367,902 — — 378,178 378,178 Third party warrants (5)(6) — — 540 540 — — 540 540 Derivative assets (5)(7)(8) — 155,282 — 155,282 — 61,583 — 61,583 IRLCs (5)(9) — — 7,561 7,561 — — 9,971 9,971 Student loan commitments (5)(9) — — 19,270 19,270 — — 28,779 28,779 Personal loan commitments (5)(9) — — 9,034 9,034 — — — — Total assets (11) $ 221,588 $ 3,452,333 $ 40,784,144 $ 44,458,065 $ 75,356 $ 2,734,612 $ 36,648,051 $ 39,458,019 Liabilities Debt (10) $ — $ 50,891 $ — $ 50,891 $ — $ 54,107 $ — $ 54,107 Residual interests classified as debt — — 517 517 — — 520 520 Derivative liabilities (5)(7)(8) — 1,506 — 1,506 — 4,680 — 4,680 Total liabilities $ — $ 52,397 $ 517 $ 52,914 $ — $ 58,787 $ 520 $ 59,307 _____________________ (1) Investments in debt securities that were classified as Level 2 rely upon observable inputs other than quoted prices, dealer quotes in markets that are not active and implied pricing derived from new issuances of similar securities. See Note 5. Investment Securities for additional information. (2) These assets represent the carrying value of our holdings in VIEs wherein we were not deemed the primary beneficiary. See Note 6. Securitization and Variable Interest Entities for additional information. We classify asset-backed bonds as Level 2 due to the use of quoted prices for similar assets in markets that are not active, as well as certain factors specific to us. The key inputs used to value the asset-backed bonds include the discount rate and conditional prepayment rate. The fair value of our asset-backed bonds was not materially impacted by default assumptions on the underlying securitization loans, as the subordinate residual interests are expected to absorb all estimated losses based on our default assumptions for the period. We classify the residual investments as Level 3 due to the reliance on significant unobservable valuation inputs. See Note 5. Investment Securities for additional information on the asset-backed bonds and residual investments included herein which are classified as available for sale. (3) These assets are presented within investment securities in the condensed consolidated balance sheets. (4) Home loans classified as Level 2 have observable pricing sources utilized by management. Personal loans, student loans and home loans classified as Level 3 do not trade in an active market with readily observable prices. Personal loans and home loans are presented within loans held for sale , and student loans are presented within loans held for investment, at fair value. (5) These assets and liabilities are presented within other assets and accounts payable, accruals and other liabilities , respectively, in the condensed consolidated balance sheets. (6) The key unobservable assumption used in the fair value measurement of the third party warrants was the price of the stock underlying the warrants. The fair value was measured as the difference between the stock price and the strike price of the warrants. As the strike price was insignificant, we concluded that the impact of time value on the fair value measure was immaterial. (7) For certain derivative instruments for which an enforceable master netting agreement exists, we elected to net derivative assets and derivative liabilities by counterparty. These instruments are presented on a gross basis herein. See Note 10. Derivative Financial Instruments for additional information. (8) Home loan pipeline hedges represent TBAs used as economic hedges of loan fair values and are classified as Level 2, as we rely on quoted market prices from similar loan pools that transact in the marketplace. Interest rate swaps are classified as Level 2, because these financial instruments do not trade in active markets with observable prices, but rely on observable inputs other than quoted prices. As of March 31, 2026 and December 31, 2025, interest rate swaps were valued using the overnight SOFR curve and the implied volatilities suggested by the SOFR rate curve. These were determined to be observable inputs from active markets. 35 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) (9) IRLCs, student loan commitments (which include in-school loan and student loan refinancing commitments) and personal loan commitments are classified as Level 3 because of our reliance on assumed loan funding probabilities. The assumed probabilities are based on our internal historical experience with home loans, student loans and personal loans similar to those in the funding pipelines on the measurement date. (10) The fair value of our securitization debt was classified as Level 2 and valued using a discounted cash flow model, with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults and prepayments. As of March 31, 2026 and December 31, 2025, the unpaid principal related to debt measured at fair value was $ 53,081 and $ 56,255 , respectively. For the three months ended March 31, 2026, gains from changes in fair value were immaterial . For the three months ended March 31, 2025, losses from changes in fair value were $ 760 . The estimated amounts of gains (losses) included in earnings attributable to changes in instrument-specific credit risk, which were derived principally from observable changes in credit spread as observed in the bond market and default assumptions, were immaterial for the three months ended March 31, 2026 and 2025. (11) During the fourth quarter of 2025, the Company launched SoFi Crypto which provides our members the ability to buy, sell and hold digital assets. To facilitate these member transactions, we maintain an incidental inventory of crypto assets for operational purposes. As of March 31, 2026 and December 31, 2025, the fair value of our crypto assets were immaterial. These assets are presented within other assets and categorized as Level 1 as of March 31, 2026 and December 31, 2025. Level 3 Recurring Fair Value Rollforward The following tables present the changes in our assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). We did not have any transfers into or out of Level 3 during the periods presented. Fair Value at Fair Value at Changes in unrealized gains (losses) included in earnings related to assets and liabilities held at period end January 1, 2026 Impact on Earnings Purchases Sales Issuances Settlements Other Changes March 31, 2026 Assets Personal loans $ 21,540,668 $ ( 207,799 ) $ 2,574 $ ( 13,252 ) $ 5,376,998 $ ( 3,015,156 ) $ ( 1,612 ) $ 23,682,421 $ ( 35,378 ) Student loans 13,657,578 ( 7,073 ) 86,875 — 2,613,708 ( 1,043,250 ) 28,982 15,336,820 34,789 Home loans 1,000,982 12,138 — — 337,130 ( 30,172 ) 2,901 1,322,979 11,758 Loans at fair value (1) 36,199,228 ( 202,734 ) 89,449 ( 13,252 ) 8,327,836 ( 4,088,578 ) 30,271 40,342,220 11,169 Servicing rights (2) 378,178 ( 1,880 ) 2,055 — 34,448 ( 44,899 ) — 367,902 ( 1,477 ) Residual investments (3) 31,355 176 8,402 — — ( 2,316 ) — 37,617 176 IRLCs (4) 9,971 3,887 — — — ( 6,297 ) — 7,561 7,561 Student loan commitments (4) 28,779 13,424 — — — ( 22,933 ) — 19,270 19,270 Personal loan commitments (4) — 9,034 — — — — — 9,034 9,034 Third party warrants (5) 540 — — — — — — 540 — Liabilities Residual interests classified as debt (3) ( 520 ) ( 27 ) — — — 30 — ( 517 ) ( 27 ) Net impact on earnings $ ( 178,120 ) 36 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Fair Value at Fair Value at Changes in unrealized gains (losses) included in earnings related to assets and liabilities held at period end January 1, 2025 Impact on Earnings Purchases Sales Issuances Settlements Other Changes March 31, 2025 Assets Personal loans $ 17,532,396 $ ( 73,425 ) $ 2,898 $ ( 1,195,404 ) $ 3,977,670 $ ( 2,373,157 ) $ ( 1,748 ) $ 17,869,230 $ 63,013 Student loans 8,597,368 125,769 200,069 — 1,191,463 ( 545,246 ) 2,034 9,571,457 134,214 Home loans 85,568 9,280 — — 175,231 ( 1,301 ) — 268,778 8,387 Loans at fair value (1) 26,215,332 61,624 202,967 ( 1,195,404 ) 5,344,364 ( 2,919,704 ) 286 27,709,465 205,614 Servicing rights (2) 342,128 1,074 3,637 ( 1,940 ) 88,931 ( 44,050 ) — 389,780 1,074 Residual investments (3) 25,394 664 4,255 — — ( 1,583 ) — 28,730 664 IRLCs (4) 1,227 8,074 — — — ( 1,227 ) — 8,074 8,074 Student loan commitments (4) 6,042 471 — — — ( 6,042 ) — 471 471 Third party warrants (5) 540 — — — — — — 540 — Liabilities Residual interests classified as debt (3) ( 609 ) ( 35 ) — — — 65 — ( 579 ) ( 35 ) Net impact on earnings $ 71,872 _____________________ (1) For loans at fair value, purchases reflect consideration and relate to previously transferred loans. Purchase activity included elective repurchases of $ 200.1 million during the three months ended March 31, 2025 and securitization clean-up calls of $ 86.7 million during the three months ended March 31, 2026. There were no elective repurchases during the three months ended March 31, 2026 and no securitization clean-up calls during the three months ended March 31, 2025. The remaining purchases during the periods presented related to standard representations and warranties pursuant to our various loan sale agreements. Sales reflect consideration received on loans sold during the period. Issuances represent the unpaid principal balance of loans originated. Settlements represent principal payments made on loans during the period. Other changes represent fair value adjustments that impact the balance sheet primarily associated with loan commitments funded during the period, capitalized interest, whole loan strategic repurchases, clean up calls and consolidated securitizations. Impacts on earnings for loans at fair value are recorded within interest income—loans and securitizations , within noninterest income—loan origination, sales, securitizations and servicing , and within noninterest expense—general and administrative in the condensed consolidated statements of operations and comprehensive income. (2) For servicing rights, impacts on earnings are recorded within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income. (3) For residual investments, sales include the derecognition of investments associated with securitization clean up calls. The estimated amounts of gains and losses for residual investments included in earnings attributable to changes in instrument-specific credit risk were immaterial during the periods presented. For residual investments and residual interests classified as debt, impacts on earnings are recorded within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income, a portion of which is subsequently reclassified to interest expense—securitizations and warehouses for residual interests classified as debt and to interest income—loans and securitizations for residual investments, but does not impact the liability or asset balance, respectively. (4) For IRLCs, student loan commitments and personal loan commitments, settlements reflect funded loans during the period multiplied by the respective IRLC, student loan commitment or personal loan commitment price in effect at the beginning of the quarter. For IRLCs, student loan commitments and personal loan commitments, impacts on earnings are recorded within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income. (5) For third party warrants, impacts on earnings are recorded within noninterest income—other in the condensed consolidated statements of operations and comprehensive income. Loans at Fair Value Gains and losses recognized in earnings include changes in accumulated interest and fair value adjustments on loans originated during the period and on loans held at the balance sheet date, as well as loan charge-offs. Changes in fair value are primarily impacted by valuation assumption changes as well as sales price execution. The estimated amount of gains (losses) included in earnings attributable to changes in instrument-specific credit risk were $( 11,623 ) during the three months ended March 31, 2026 and $ 50,969 during the three months ended March 31, 2025. The gains (losses) attributable to instrument-specific credit risk were estimated by incorporating our current default and loss severity assumptions for the loans. These assumptions are based on historical performance, market trends and performance expectations over the term of the underlying instrument. 37 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Level 3 Significant Inputs Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Level 3 fair value measurements include unobservable inputs for assets or liabilities for which there is little or no market data, which requires us to develop our own assumptions. These unobservable assumptions reflect estimates of inputs that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models, or similar techniques, which incorporate management’s own estimates of assumptions that market participants would use in pricing the asset or liability. Loans The following key unobservable assumptions were used in the fair value measurement of our loans: March 31, 2026 December 31, 2025 Range Weighted Average Range Weighted Average Personal loans Conditional prepayment rate 17.8 % – 29.5 % 25.5 % 18.3 % – 30.7 % 26.9 % Annual default rate 4.1 % – 16.7 % 4.6 % 3.7 % – 37.9 % 4.5 % Discount rate 4.6 % – 6.7 % 4.6 % 4.4 % – 6.6 % 4.5 % Student loans Conditional prepayment rate 9.7 % – 12.6 % 11.1 % 9.6 % – 12.9 % 11.2 % Annual default rate 0.3 % – 6.7 % 0.7 % 0.4 % – 6.4 % 0.7 % Discount rate 3.8 % – 8.2 % 4.0 % 3.7 % – 8.2 % 3.9 % Home loans Conditional prepayment rate 6.0 % – 23.6 % 14.2 % 6.2 % – 20.7 % 13.6 % Annual default rate 0.1 % – 7.4 % 0.5 % 0.1 % – 7.4 % 0.6 % Discount rate 5.1 % – 8.5 % 6.0 % 4.9 % – 8.5 % 5.9 % The key assumptions are defined as follows: • Conditional prepayment rate — The monthly annualized proportion of the principal of a pool of loans that is assumed to be paid off prematurely in each period. An increase in the conditional prepayment rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. • Annual default rate — The annualized rate of borrowers who do not make loan payments on time. An increase in the annual default rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. • Discount rate — The weighted average rate at which the expected cash flows are discounted to arrive at the net present value of the loans. The discount rate is primarily determined based on an underlying benchmark rate curve and spread(s), the latter of which is determined based on factors including, but not limited to, weighted average coupon rate, prepayment rate, default rate and resulting expected duration of the assets. An increase in the discount rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. See Note 3. Loans for additional loan fair value disclosures. Servicing Rights Servicing rights for personal loans and student loans do not trade in an active market with readily observable prices. Similarly, home loan servicing rights infrequently trade in an active market. At the time of the underlying loan sale or the assumption of servicing rights, the fair value of servicing rights is determined using a discounted cash flow methodology based on observable and unobservable inputs. Management classifies servicing rights as Level 3 due to the use of significant unobservable inputs in the fair value measurement. 38 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) The following key unobservable inputs were used in the fair value measurement of our classes of servicing rights: March 31, 2026 December 31, 2025 Range Weighted Average Range Weighted Average Personal loans Market servicing costs 0.1 % – 1.2 % 0.3 % 0.1 % – 1.1 % 0.3 % Conditional prepayment rate 14.7 % – 35.6 % 25.4 % 15.0 % – 39.4 % 24.3 % Annual default rate 1.0 % – 21.0 % 5.0 % 1.0 % – 18.0 % 5.0 % Discount rate 8.5 % – 19.2 % 10.3 % 8.5 % – 19.0 % 10.1 % Student loans Market servicing costs 0.1 % – 0.3 % 0.2 % 0.1 % – 0.3 % 0.2 % Conditional prepayment rate 7.8 % – 15.6 % 12.9 % 6.4 % – 15.1 % 12.5 % Annual default rate 0.3 % – 13.8 % 0.9 % 0.3 % – 3.7 % 0.9 % Discount rate 8.5 % – 8.5 % 8.5 % 8.5 % – 8.5 % 8.5 % Home loans Market servicing costs 0.7 % – 0.9 % 0.7 % 0.1 % – 0.2 % 0.1 % Conditional prepayment rate 4.5 % – 14.7 % 8.8 % 4.7 % – 21.5 % 8.7 % Annual default rate 0.1 % – 0.4 % 0.1 % 0.0 % – 0.1 % 0.0 % Discount rate 9.2 % – 13.0 % 9.3 % 9.3 % – 10.0 % 9.3 % The key assumptions are defined as follows: • Market servicing costs — The fee a willing market participant, which we validate through actual third-party bids for our servicing, would require for the servicing of personal loans, student loans and home loans with similar characteristics as those in our serviced portfolio. An increase in the market servicing cost, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. • Conditional prepayment rate — The monthly annualized proportion of the principal of a pool of loans that is assumed to be paid off prematurely in each period. An increase in the conditional prepayment rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. • Annual default rate — The annualized rate of default within the total serviced loan balance. An increase in the annual default rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. • Discount rate — The weighted average rate at which the expected cash flows are discounted to arrive at the net present value of the servicing rights. An increase in the discount rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. 39 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) The following table presents the estimated decrease to the fair value of our servicing rights if the key assumptions had each of the below adverse changes: March 31, 2026 December 31, 2025 Market servicing costs 2.5 basis points increase $ ( 8,374 ) $ ( 8,825 ) 5.0 basis points increase ( 16,773 ) ( 17,675 ) Conditional prepayment rate 10% increase $ ( 11,286 ) $ ( 11,650 ) 20% increase ( 21,923 ) ( 22,653 ) Annual default rate 10% increase $ ( 1,047 ) $ ( 1,015 ) 20% increase ( 2,083 ) ( 2,020 ) Discount rate 100 basis points increase $ ( 6,804 ) $ ( 6,646 ) 200 basis points increase ( 13,201 ) ( 12,925 ) The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. The effect on fair value of a variation in assumptions generally cannot be determined because the relationship of the change in assumptions to the fair value may not be linear. Additionally, the effect of an adverse variation in a particular assumption on the fair value of our servicing rights is calculated while holding the other assumptions constant. In reality, changes in one factor may lead to changes in other factors, which could impact the above hypothetical effects. Residual Investments and Residual Interests Classified as Debt Residual investments and residual interests classified as debt do not trade in active markets with readily observable prices, and there is limited observable market data for reference. The fair values of residual investments and residual interests classified as debt are determined using a discounted cash flow methodology. Management classifies residual investments and residual interests classified as debt as Level 3 due to the use of significant unobservable inputs in the fair value measurements. The following key unobservable inputs were used in the fair value measurements of our residual investments and residual interests classified as debt: March 31, 2026 December 31, 2025 Range Weighted Average Range Weighted Average Residual investments Conditional prepayment rate 11.5 % – 35.6 % 22.1 % 11.9 % – 36.5 % 21.2 % Annual default rate 0.7 % – 8.7 % 3.9 % 0.7 % – 8.6 % 3.5 % Discount rate 5.3 % – 30.0 % 13.5 % 5.1 % – 30.0 % 11.9 % Residual interests classified as debt Conditional prepayment rate 12.0 % – 12.0 % 12.0 % 12.0 % – 12.0 % 12.0 % Annual default rate 1.1 % – 1.1 % 1.1 % 1.1 % – 1.1 % 1.1 % Discount rate 9.5 % – 9.5 % 9.5 % 9.5 % – 9.5 % 9.5 % The key assumptions are defined as follows: • Conditional prepayment rate — The monthly annualized proportion of the principal of a pool of loans that is assumed to be paid off prematurely in each period for the pool of loans in the securitization. An increase in the conditional prepayment rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. 40 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) • Annual default rate — The annualized rate of borrowers who fail to remain current on their loans for the pool of loans in the securitization. An increase in the annual default rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. • Discount rate — The weighted average rate at which the expected cash flows are discounted to arrive at the net present value of the residual investments and residual interests classified as debt. An increase in the discount rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. Loan Commitments We classify student loan commitments and personal loan commitments as Level 3 because the assets do not trade in an active market with readily observable prices and, as such, our valuations utilize significant unobservable inputs. Additionally, we classify IRLCs as Level 3, as our IRLCs are inherently uncertain and unobservable given that a home loan origination is contingent on a variety of factors. The following key unobservable inputs were used in the fair value measurements of our IRLCs, student loan commitments and personal loan commitments: March 31, 2026 December 31, 2025 Range Weighted Average Range Weighted Average IRLCs Loan funding probability (1) 57.4 % – 85.3 % 74.7 % 58.6 % – 75.6 % 69.7 % Student loan commitments Loan funding probability (1) 89.0 % – 99.0 % 93.5 % 89.0 % – 99.0 % 94.5 % Personal loan commitments Loan funding probability (1) 93.7 % – 99.4 % 95.2 % n/m n/m ___________________ (1) The aggregate amount of student loans we committed to fund was $ 310,479 and $ 437,470 as of March 31, 2026 and December 31, 2025, respectively. The aggregate amount of personal loans we committed to fund was $ 92,516 as of March 31, 2026. As of December 31, 2025, we had no personal loan commitments. See Note 10. Derivative Financial Instruments for the aggregate notional amount associated with IRLCs. The key assumption is defined as follows: • Loan funding probability — Our expectation of the percentage of IRLCs, student loan commitments or personal loan commitments which will become funded loans. A significant difference between the actual funded rate and the assumed funded rate at the measurement date could result in a significantly higher or lower fair value measurement of our IRLCs, student loan commitments and personal loan commitments. An increase in the loan funding probabilities, in isolation, would result in an increase in a fair value measurement. The weighted average assumptions were weighted based on relative fair values. 41 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Financial Instruments Not Measured at Fair Value The following table summarizes the carrying values and estimated fair values, by level within the fair value hierarchy, of our assets and liabilities that are not measured at fair value on a recurring basis in the condensed consolidated balance sheets: Fair Value Carrying Value Level 1 Level 2 Level 3 Total March 31, 2026 Assets Cash and cash equivalents (1) $ 3,401,020 $ 3,401,020 $ — $ — $ 3,401,020 Restricted cash and restricted cash equivalents (1) 360,231 360,231 — — 360,231 Loans (2) 1,505,541 — — 1,551,703 1,551,703 Other investments (3) 146,503 — 146,503 — 146,503 Total assets $ 5,413,295 $ 3,761,251 $ 146,503 $ 1,551,703 $ 5,459,457 Liabilities Deposits (4) $ 40,242,697 $ — $ 40,242,920 $ — $ 40,242,920 Debt (5) 1,762,590 2,015,705 486,000 — 2,501,705 Total liabilities $ 42,005,287 $ 2,015,705 $ 40,728,920 $ — $ 42,744,625 December 31, 2025 Assets Cash and cash equivalents (1) $ 4,929,452 $ 4,929,452 $ — $ — $ 4,929,452 Restricted cash and restricted cash equivalents (1) 427,321 427,321 — — 427,321 Loans (2) 1,633,702 — — 1,670,391 1,670,391 Other investments (3) 146,204 — 146,204 — 146,204 Total assets $ 7,136,679 $ 5,356,773 $ 146,204 $ 1,670,391 $ 7,173,368 Liabilities Deposits (4) $ 37,505,395 $ — $ 37,506,689 $ — $ 37,506,689 Debt (5) 1,761,055 2,997,347 486,000 — 3,483,347 Total liabilities $ 39,266,450 $ 2,997,347 $ 37,992,689 $ — $ 40,990,036 ___________________ (1) The carrying amounts of our cash and cash equivalents and restricted cash and restricted cash equivalents approximate their fair values due to the short-term maturities and highly liquid nature of these accounts. (2) The fair value of our credit cards was determined using a discounted cash flow model with key inputs relating to weighted average lives, expected lifetime loss rates and discount rate. The fair value of our commercial and consumer banking, loans held at lower of amortized cost or fair value and secured loans was determined using a discounted cash flow model with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults. (3) Other investments include FRB stock and FHLB stock, which are presented within other assets in the condensed consolidated balance sheets. (4) The fair values of our deposits without contractually defined maturities (such as demand and savings deposits) and our noninterest-bearing deposits approximate their carrying values. The fair value of our time-based deposits was determined using a discounted cash flow model based on interest rates currently offered for deposits of similar remaining maturities. (5) The carrying value of our debt is net of unamortized discounts and debt issuance costs. The fair value of our convertible notes was classified as Level 1, as it was based on an observable market quote. The estimated fair value of our 2026 convertible notes was $ 438.2 million and $ 554.1 million as of March 31, 2026 and December 31, 2025, respectively. The estimated fair value of our 2029 convertible notes was $ 1.6 billion and $ 2.4 billion as of March 31, 2026 and December 31, 2025, respectively. The fair values of our warehouse facility debt and revolving credit facility debt were classified as Level 2 based on market factors and credit factors specific to these financial instruments. The fair value of our securitization debt was classified as Level 2 and valued using a discounted cash flow model, with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults and prepayments. Nonrecurring Fair Value Measurements Investments in equity securities of $ 51,010 and $ 51,083 as of March 31, 2026 and December 31, 2025, respectively, which are presented within other assets in the condensed consolidated balance sheets, include investments for which fair values are not readily determinable, which we elect to measure using the measurement alternative method of accounting. The fair value measurements are classified within Level 3 of the fair value hierarchy due to the use of unobservable inputs in the fair value measurements. The balances were primarily composed of a $ 27,500 investment as well as a $ 20,000 investment as of March 31, 2026 and December 31, 2025, that are valued under the measurement alternative method. 42 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Note 12. Share-Based Compensation 2021 Stock Option and Incentive Plan The Amended and Restated 2021 Stock Option and Incentive Plan (the “Amended and Restated 2021 Plan”) allows for the issuance of stock options, stock appreciation rights, restricted stock, RSUs (including PSUs), dividend equivalents and other stock or cash based awards for issuance to its employees, non-employee directors and non-employee third parties. Shares associated with option exercises and RSU vesting are issued from the authorized pool. Effective January 1, 2023, we approved a plan to allow our non-employee directors to elect, on an annual basis, to defer their cash retainers into equity awards, and/or to defer their RSU grants, which vest in accordance with the grant terms (collectively referred to as DSUs). DSUs are equity awards that entitle the holder to shares of our common stock when the awards vest. Directors may choose to receive their deferred stock distributions in a lump sum or in installments over different time periods. DSUs are measured based on the fair value of our common stock on the date of grant. DSU activity is presented with RSUs in the disclosures below. 2024 Employee Stock Purchase Plan The 2024 Employee Stock Purchase Plan (the “2024 ESPP”) allows for the issuance of common stock pursuant to our ESPP. Our ESPP provides permitted eligible employees the right to purchase shares of the Company's common stock through payroll deductions of up to 15 % of their eligible compensation, subject to certain limitations. Compensation and Benefits Share-based compensation expense related to stock options, RSUs, PSUs and the ESPP is presented within the following line items in the condensed consolidated statements of operations and comprehensive income: Three Months Ended March 31, 2026 2025 Technology and product development $ 27,980 $ 23,907 Sales and marketing 5,161 5,352 Cost of operations 3,975 3,425 General and administrative 34,896 31,072 Total $ 72,012 $ 63,756 Total compensation and benefits, inclusive of share-based compensation expense, was $ 329,727 and $ 268,606 for the three months ended March 31, 2026 and 2025, respectively. Compensation and benefits expenses are presented within the following categories of expenses within noninterest expense: (i) technology and product development , (ii) sales and marketing , (iii) cost of operations , and (iv) general and administrative in the condensed consolidated statements of operations and comprehensive income. Stock Options The following is a summary of stock option activity: Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Outstanding as of January 1, 2026 13,748,914 $ 7.95 2.2 Exercised ( 335,647 ) 7.05 Outstanding as of March 31, 2026 13,413,267 $ 7.97 2.0 Exercisable as of March 31, 2026 13,413,267 $ 7.97 2.0 As of March 31, 2026, there was no unrecognized compensation cost related to unvested stock options. 43 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Restricted Stock Units RSUs, inclusive of DSUs, are equity awards granted to employees that entitle the holder to shares of our common stock when the awards vest. RSUs are measured based on the fair value of our common stock on the date of grant. The following table summarizes RSU activity: Number of RSUs Weighted Average Grant Date Fair Value Outstanding as of January 1, 2026 45,221,279 $ 11.57 Granted 12,271,947 18.44 Vested (1) ( 7,627,684 ) 9.96 Forfeited ( 836,665 ) 11.67 Outstanding as of March 31, 2026 49,028,877 $ 13.54 ________________________ (1) The total fair value, based on grant date fair value, of RSUs that vested during the three months ended March 31, 2026 was $ 75.9 million. As of March 31, 2026, there was $ 620.0 million of unrecognized compensation cost related to unvested RSUs, inclusive of DSUs, which will be recognized over a weighted average period of approximately 2.4 years. Performance Stock Units PSUs are equity awards granted to employees that, upon vesting, entitle the holder to shares of our common stock. The following table summarizes PSU activity: Number of PSUs Weighted Average Grant Date Fair Value Outstanding as of January 1, 2026 10,343,841 $ 11.50 Granted 2,093,352 20.76 Outstanding as of March 31, 2026 12,437,193 $ 13.04 Compensation cost associated with PSUs is recognized using the accelerated attribution method for each of the three vesting tranches over the respective derived service period. We determined the grant-date fair value of PSUs utilizing a Monte Carlo simulation model. During 2026, we granted PSUs that will vest, if at all, at the conclusion of a three-year measurement period commencing January 1, 2026, subject to the achievement of specified performance goals, such as absolute growth in tangible book value, total risk weighted capital ratio, and relative total shareholder return. The following table summarizes the inputs used for estimating the fair value of PSUs granted: Three Months Ended March 31, Input 2026 2025 Risk-free interest rate 3.6 % 3.9 % Expected volatility 61.3 % 64.3 % Fair value of common stock $ 18.53 $ 11.26 Dividend yield — % — % Our use of a Monte Carlo simulation model requires the use of subjective assumptions: • Risk-free interest rate — Based on the U.S. Treasury rate at the time of grant commensurate with the remaining term of the PSUs. • Expected volatility — Based on the implied volatility of our common stock from a set of comparable publicly-traded companies. • Fair value of common stock — Based on the closing stock price on the date of grant. 44 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) • Dividend yield — We assumed no dividend yield because we have historically not paid out dividends to common stockholders. As of March 31, 2026, there was $ 87.9 million of unrecognized compensation cost related to unvested PSUs, which will be recognized over a weighted average period of approximately 2.4 years. Employee Stock Purchase Plan Our ESPP provides permitted eligible employees the right to purchase shares of the Company's common stock through payroll deductions of their eligible compensation, subject to certain limitations. Compensation expense for the ESPP relates to the 15 % discount and is calculated as of the beginning of the offering period as the fair value of the employees’ purchase rights utilizing the Black-Scholes Model and compensation expense is recognized over the offering period. The table below presents the fair value assumptions used for the period indicated: Three Months Ended March 31, Input 2026 2025 Risk-free interest rate 4.0 % 4.3 % Expected term (in years) 0.5 0.5 Expected volatility 60.5 % 49.6 % Fair value of common stock $ 20.51 $ 15.57 Dividend yield — % — % Our use of a Black-Scholes Model requires the use of subjective assumptions: • Risk-free interest rate — Based on the U.S. Treasury rate at the time of grant commensurate with the offering period. • Expected term — Based on the 6-month offering period and corresponding purchase period. • Expected volatility — Based on the historical volatility at the offering date, over a historical period equal to the expected term. • Fair value of common stock — Based on the closing stock price on the date of grant (first day of offering period). • Dividend yield — We assumed no dividend yield because we have historically not paid out dividends to common stockholders. As of March 31, 2026, there was $ 3.6 million of unrecognized compensation cost related to the ESPP, to be recognized over the remainder of the six-month offering period ending in June 2026. Note 13. Income Taxes For interim periods, we follow the general recognition approach whereby tax expense is recognized using an estimated annual effective tax rate, which is applied to the year-to-date operating results. Additionally, we recognize tax expense or benefit for any discrete items occurring within the interim period that were excluded from the estimated annual effective tax rate. Our effective tax rate may be subject to fluctuations during the year due to impacts from the following items: (i) changes in forecasted pre-tax and taxable income or loss, (ii) changes in statutory law or regulations in jurisdictions where we operate, (iii) audits or settlements with taxing authorities, (iv) the tax impact of expanded product offerings or business acquisitions, and (v) changes in valuation allowance assumptions. For the three months ended March 31, 2026 and 2025, we recorded income tax expense of $ 32,821 and $ 8,666 , respectively. The income tax expense recognized in both periods was primarily attributable to the Company’s profitability, partially offset by discrete tax benefits for stock compensation recorded in each quarter. For the three months ended March 31, 2026, the Company’s effective tax rate was lower than the U.S. federal statutory rate primarily due to excess tax benefits from stock compensation. There were no material changes to our unrecognized tax benefits during the three months ended March 31, 2026. 45 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Valuation allowances are established when necessary to reduce deferred tax assets to the amounts that are more likely than not expected to be realized. In making such a determination of whether a valuation allowance is necessary, the Company considers all available positive and negative evidence supporting the allowance. During the three months ended March 31, 2026, we continue to maintain a valuation allowance in certain state and foreign jurisdictions where sufficient positive evidence does not exist to support the realizability of deferred tax assets. Management will continue to assess the need for a valuation allowance in future periods. Note 14. Commitments, Guarantees, Concentrations and Contingencies Leases and Occupancy Our leases consist of operating and finance leases, the latter of which expire in 2040. Leases We primarily lease our office premises under multi-year, non-cancelable operating leases. Our operating leases have terms expiring from 2026 to 2040, exclusive of renewal option periods. Our office leases contain renewal option periods ranging from one to ten years from the expiration dates. These options were not recognized as part of our ROU assets and operating lease liabilities, as we did not conclude at the commencement date of the leases that we were reasonably certain to exercise these options. However, in our normal course of business, we expect our office leases to be renewed, amended or replaced by other leases. We also have operating and finance leases associated with various naming and sponsorship rights agreements. Occupancy Occupancy-related costs, which primarily relate to the operations of our leased office spaces, were $ 9,968 and $ 8,120 , during the three months ended March 31, 2026 and 2025, respectively. Occupancy-related expenses are presented within the following categories of expenses within noninterest expense : (i) technology and product development , (ii) sales and marketing , (iii) cost of operations , and (iv) general and administrative in the condensed consolidated statements of operations and comprehensive income. Concentrations Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents, restricted cash and restricted cash equivalents, residual investments and loans. We hold cash and cash equivalents and restricted cash and restricted cash equivalents in accounts at regulated domestic financial institutions in amounts that may exceed FDIC insured amounts. We believe these institutions are of high credit quality. We are dependent on third-party funding sources and deposit balances to originate loans. Additionally, we sell loans to various third parties. We have historically sold loans to a limited pool of third-party buyers. No individual third-party buyer accounted for 10% or more of consolidated total net revenues for the periods presented. Within our Technology Platform segment, we have a relatively smaller number of clients compared to our lending and financial services businesses. As such, the loss of one or a few of our top clients could be significant to that portion of our business. No individual client accounted for 10% or more of consolidated total net revenues for the periods presented. The Company is exposed to default risk on borrower loans originated and financed by us. There is no single borrower or group of borrowers that comprise a significant concentration of the Company’s loan portfolio. Likewise, the Company is not overly concentrated within a group of channel partners or other customers, with the exception of our distribution of personal loan residual interests in our sponsored personal loan securitizations, which we market to third parties, and the aforementioned whole loan buyers. Given we have a limited number of prospective buyers for our personal loan securitization residual interests, this might result in our utilization of a significant amount of deposits or our own capital to fund future residual interests in personal loan securitizations, or impact the execution of future securitizations if we are limited in our own ability to invest in the residual interest portion of future securitizations, or find willing buyers for securitization residual interests. 46 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Contingencies Legal Proceedings In the ordinary course of business, the Company may be subject to a variety of pending legal proceedings. While we are unable to predict the ultimate outcome of these actions, we believe that any ultimate liability arising from any of these actions will not have a material adverse effect on our consolidated financial position, results of operations or cash flows. However, many of these matters are in various stages of proceedings and further developments could cause management to revise its assessment of these matters. Our assessments are based on our knowledge and historical experience, as well as the specific facts and circumstances asserted, but the ultimate outcome of any matter could require payment substantially in excess of the amount that we have accrued and/or disclosed. Regardless of the final outcome, defending lawsuits, claims, government and self-regulatory organization investigations, and proceedings in which we are involved is costly and can impose a significant burden on management and employees, and there can be no assurances that we will receive favorable final outcomes. SoFi and its subsidiaries, including SoFi Bank, also are or may be subject to potential liability under other contingent exposures, including self-insurance and other miscellaneous contingencies. Guarantees We have three types of repurchase obligations that we account for as financial guarantees, which are disclosed in our Annual Report on Form 10-K. As of March 31, 2026 and December 31, 2025, we accrued liabilities within accounts payable, accruals and other liabilities in the condensed consolidated balance sheets of $ 17.9 million and $ 18.4 million, respectively, related to our estimated repurchase obligation. The corresponding charges for changes in the estimated obligation are recorded within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income or within noninterest income—loan platform fees in the condensed consolidated statements of operations and comprehensive income in connection with transfers of loans held for sale and carried at the lower of amortized cost or fair value as part of our Loan Platform Business. As of March 31, 2026 and December 31, 2025, the amounts associated with loans sold that were subject to the terms and conditions of our repurchase obligations totaled $ 15.6 billion and $ 15.7 billion, respectively. As of March 31, 2026 and December 31, 2025, we had a total of $ 4.1 million and $ 4.7 million, respectively, in letters of credit outstanding with financial institutions, which were issued for the purpose of securing certain of our operating lease obligations. A portion of the letters of credit was collateralized by $ 0.7 million and $ 1.3 million of our cash as of March 31, 2026 and December 31, 2025, respectively, which is included within restricted cash and restricted cash equivalents in the condensed consolidated balance sheets. As of March 31, 2026 and December 31, 2025, we had a total of $ 46.7 million and $ 46.7 million, respectively, in letters of credit outstanding with the FHLB, which serve as collateral for public deposits and were collateralized by loans. Commitments As part of our community reinvestment initiatives, we have a commitment to fund a line of credit to be used to finance housing and stimulate economic development in low- to moderate-income communities. As of March 31, 2026, we funded $ 7.9 million of loans, which are presented within loans held for investment, at amortized cost in the condensed consolidated balance sheets, and had $ 22.1 million of the total $ 30.0 million commitment outstanding. Mortgage Banking Regulatory Mandates We are subject to certain state-imposed minimum net worth requirements for the states in which we are engaged in the business of a residential mortgage lender. Noncompliance with these requirements on an annual basis could result in potential fines or penalties imposed by the applicable state. Future events or changes in mandates may affect our ability to meet mortgage banking regulatory requirements. As of March 31, 2026 and December 31, 2025, we were in compliance with all minimum net worth requirements; therefore, we have not accrued any liabilities related to fines or penalties. 47 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Digital Assets Under Custody As part of the SoFi Crypto business, we are obligated to securely store all digital assets that are held in custodial products on behalf of customers. As such, we may be liable to our users for losses arising from our failure to secure these assets from theft or loss. We have not incurred any losses related to such obligations and therefore have not accrued any liabilities as of March 31, 2026. These assets are not recorded in the condensed consolidated balance sheets. Since the risk of loss is remote, we did not record a contingent liability at March 31, 2026. We have no reason to believe we will incur any expense associated with such potential liability because (i) we account for and continually verify the amount of crypto assets within our control and (ii) we have established security around custodial product private keys to minimize the risk of theft or loss. Note 15. Earnings Per Share Basic EPS is computed by dividing net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted EPS is computed by dividing net income attributable to common stockholders, as adjusted for activity related to convertible notes, net of tax, if dilutive and applicable, by the weighted average number of shares of common stock outstanding during the period plus the effect of dilutive potential common shares. These potential common shares relate to (i) contingently issuable shares including PSU awards which require future service as a condition of delivery of the underlying common stock as determined using contingently issuable share guidance, (ii) outstanding RSUs, options, warrants and shares issuable under the ESPP as determined using the treasury stock method, and (iii) shares issuable upon conversion of convertible notes as determined using the if-converted method. The adjustment for convertible notes reflects the conversion price at the end of the reporting period. We excluded the effect of all potentially dilutive common stock elements from the denominator in the computation of diluted EPS in the periods where their inclusion would have been anti-dilutive. The calculations of basic and diluted earnings per share were as follows: Three Months Ended March 31, ($ and shares in thousands, except per share amounts) (1) 2026 2025 Numerator: Net income attributable to common stockholders – basic $ 166,731 $ 71,116 Plus: Dilutive effect of convertible notes, net (2) 344 339 Net income attributable to common stockholders – diluted (2) $ 167,075 $ 71,455 Denominator: Weighted average common stock outstanding – basic 1,276,328 1,097,994 Convertible notes (3) 69,440 50,508 Unvested RSUs 22,570 30,244 Common stock options 8,437 6,719 Unvested PSUs 1,218 — Underwritten public offering options (4) 18 — Weighted average common stock outstanding – diluted 1,378,011 1,185,466 Earnings per share – basic $ 0.13 $ 0.06 Earnings per share – diluted $ 0.12 $ 0.06 ________________________ (1) Certain amounts may not recalculate exactly using the rounded amounts provided. Earnings per share is calculated based on unrounded numbers. (2) Reflects interest expense incurred, net of tax, associated with convertible note activity during the period as evaluated under the if-converted method. (3) Includes incremental dilutive shares from 2026 convertible notes and 2029 convertible notes. (4) For the three months ended March 31, 2026, reflects weighted average options outstanding related to a 30-day option to purchase additional shares pursuant to our December 2025 underwritten public offering. The Company completed the issuance and sale of common stock pursuant to the option in January 2026. See Note 9. Equity for additional information. 48 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) The following table presents the securities that were not included in the computation of diluted EPS as the effect would have been anti-dilutive. Three Months Ended March 31, (Shares in thousands) 2026 2025 Unvested RSUs (1) 7,200 3,067 Unvested PSUs (1) 10,106 15,600 ESPP 1,469 1,018 Contingent common stock (2) — 46 ________________________ (1) Amounts reflect weighted average instruments outstanding. (2) Represents contingently returnable common stock in connection with the Technisys Merger, which consisted of shares that were held in escrow pending resolution of outstanding indemnification claims by SoFi. These shares were issued in 2022 and partially released in 2023, with all remaining shares released in January 2026. Note 16. Business Segment Information We have three reportable segments: Lending, Technology Platform and Financial Services. Each of our reportable segments is a strategic business unit that serves specific needs of our members based on the products and services provided. Assets are not allocated to reportable segments, as our CODM does not evaluate reportable segments using discrete asset information. Refer to our Annual Report on Form 10-K for discussion of our segment organization. Segment Results The following tables present financial information, including the measure of contribution profit, for each reportable segment. Directly attributable expenses are the significant expenses of each of our respective segments relative to those regularly provided to our CODM. Expenses not allocated to reportable segments represent items that are not considered by our CODM in evaluating segment performance or allocating resources. 49 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Three Months Ended March 31, 2026 Lending Technology Platform Financial Services Reportable Segments Total (1) Corporate/Other (1) Total Net revenue Net interest income (expense) $ 500,231 $ 355 $ 227,740 $ 728,326 $ ( 35,338 ) $ 692,988 Noninterest income (loss) (2) 142,189 74,731 200,803 417,723 ( 10,343 ) 407,380 Total net revenue (loss) $ 642,420 $ 75,086 $ 428,543 $ 1,146,049 $ ( 45,681 ) $ 1,100,368 Provision for credit losses — — ( 8,890 ) ( 8,890 ) Servicing rights – change in valuation inputs or assumptions (3) ( 13,163 ) — — ( 13,163 ) Residual interests classified as debt – change in valuation inputs or assumptions (4) 27 — — 27 Directly attributable expenses (5) : Compensation and benefits ( 52,249 ) ( 46,090 ) ( 57,425 ) Direct advertising ( 96,905 ) — ( 11,994 ) Lead generation ( 59,144 ) — ( 51,624 ) Loan origination and servicing costs ( 24,696 ) — — Product fulfillment — ( 2,527 ) ( 26,597 ) Tools and subscriptions — ( 6,991 ) — Member incentives — — ( 24,634 ) Professional services ( 3,861 ) ( 4,311 ) ( 9,649 ) Intercompany technology platform expenses ( 612 ) — ( 12,727 ) Other ( 9,431 ) ( 3,168 ) ( 29,419 ) Directly attributable expenses ( 246,898 ) ( 63,087 ) ( 224,069 ) ( 534,054 ) Contribution profit $ 382,386 $ 11,999 $ 195,584 $ 589,969 Three Months Ended March 31, 2025 Lending Technology Platform Financial Services Reportable Segments Total (1) Corporate/Other (1) Total Net revenue Net interest income (expense) $ 360,621 $ 413 $ 173,199 $ 534,233 $ ( 35,507 ) $ 498,726 Noninterest income (loss) (2) 52,752 103,014 129,920 285,686 ( 12,653 ) 273,033 Total net revenue (loss) $ 413,373 $ 103,427 $ 303,119 $ 819,919 $ ( 48,160 ) $ 771,759 Provision for credit losses — — ( 5,639 ) ( 5,639 ) Servicing rights – change in valuation inputs or assumptions (3) ( 1,074 ) — — ( 1,074 ) Residual interests classified as debt – change in valuation inputs or assumptions (4) 35 — — 35 Directly attributable expenses (5) : Compensation and benefits ( 35,889 ) ( 44,486 ) ( 42,479 ) Direct advertising ( 67,769 ) — ( 5,676 ) Lead generation ( 40,245 ) — ( 31,668 ) Loan origination and servicing costs ( 18,721 ) — — Product fulfillment — ( 13,962 ) ( 18,701 ) Tools and subscriptions — ( 6,890 ) — Member incentives — — ( 16,083 ) Professional services ( 2,235 ) ( 2,670 ) ( 7,257 ) Intercompany technology platform expenses ( 489 ) — ( 11,021 ) Other ( 8,051 ) ( 4,506 ) ( 16,263 ) Directly attributable expenses ( 173,399 ) ( 72,514 ) ( 149,148 ) ( 395,061 ) Contribution profit $ 238,935 $ 30,913 $ 148,332 $ 418,180 ____________________ 50 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) (1) Within the Technology Platform segment, intercompany fees were $ 24,737 and $ 16,195 for the three months ended March 31, 2026 and 2025, respectively. This revenue is generally based on transactions made at market-based rates. The equal and offsetting intercompany expenses are reflected within all three segments’ directly attributable expenses, as well as within expenses not allocated to segments. The intercompany revenues and expenses are eliminated in consolidation. The revenues are eliminated within Corporate/Other and the expenses are adjusted in our reconciliation of directly attributable expenses below. (2) Refer to Note 2. Revenue for a reconciliation of revenue from contracts with customers to total noninterest income. (3) Reflects changes in fair value inputs and assumptions on servicing rights, including conditional prepayment, default rates and discount rates. These assumptions are highly sensitive to market interest rate changes and are not indicative of our performance or results of operations. Moreover, these non-cash charges, which are recorded within noninterest income in the condensed consolidated statements of operations and comprehensive income, are unrealized during the period and, therefore, have no impact on our cash flows from operations. (4) Reflects changes in fair value inputs and assumptions on residual interests classified as debt, including conditional prepayment, default rates and discount rates. When third parties finance our consolidated securitization VIEs by purchasing residual interests, we receive proceeds at the time of the closing of the securitization and, thereafter, pass along contractual cash flows to the residual interest owner. These residual debt obligations are measured at fair value on a recurring basis, with fair value changes recorded within noninterest income in the condensed consolidated statements of operations and comprehensive income, but they have no impact on our initial financing proceeds, our future obligations to the residual interest owner (because future residual interest claims are limited to contractual securitization collateral cash flows), or the general operations of our business. (5) The significant expense categories and amounts presented align with the segment-level information that is regularly provided to the CODM. Other expenses for our Lending segment primarily include loan marketing expenses, member promotional expenses, tools and subscriptions, travel and occupancy-related costs and third-party loan fraud (net of related insurance recoveries). Other expenses for our Technology Platform are primarily related to travel and occupancy-related costs, advertising and marketing and accounts receivable write-offs. Other expenses for our Financial Services segment primarily include operational product losses, network servicing fees, travel and occupancy-related costs, tools and subscriptions, and marketing expenses. The following table reconciles reportable segments total contribution profit to consolidated income before income taxes. Expenses not allocated to reportable segments represent items that are not considered by our CODM in evaluating segment performance or allocating resources. Three Months Ended March 31, 2026 2025 Reportable segments total contribution profit $ 589,969 $ 418,180 Corporate/Other total net revenue (loss) ( 45,681 ) ( 48,160 ) Intercompany expenses 24,737 16,195 Servicing rights – change in valuation inputs or assumptions 13,163 1,074 Residual interests classified as debt – change in valuation inputs or assumptions ( 27 ) ( 35 ) Not allocated to segments: Share-based compensation expense ( 72,012 ) ( 63,756 ) Employee-related costs (1) ( 108,455 ) ( 88,197 ) Depreciation and amortization expense ( 67,578 ) ( 55,283 ) Other corporate and unallocated (2) ( 134,564 ) ( 100,236 ) Income before income taxes $ 199,552 $ 79,782 __________________ (1) Includes expenses related to compensation, benefits, restructuring charges, recruiting, certain occupancy-related costs and various travel costs of executive management, certain technology groups and general and administrative functions that are not directly attributable to the reportable segments. (2) Represents corporate overhead costs that are not allocated to reportable segments, which primarily includes corporate marketing and advertising costs, tools and subscription costs, professional services costs, amortization of premiums on a credit default swap, corporate and FDIC insurance costs, foreign currency translation adjustments and transaction-related expenses. Goodwill Goodwill as of both March 31, 2026 and December 31, 2025 was $ 1,393,505 . As of each of March 31, 2026 and December 31, 2025, goodwill attributable to the Lending, Technology Platform and Financial Services reportable segments was $ 17,688 , $ 1,338,658 and $ 37,159 , respectively. Management does no t believe that the goodwill in any of the reporting units is impaired as of March 31, 2026. Note 17. Subsequent Events Management of the Company performed an evaluation of subsequent events that occurred after the balance sheet date through the date of this Quarterly Report on Form 10-Q, and determined that there were no subsequent events to report. 51 SoFi Technologies, Inc. TAB LE OF CONTENTS Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis provides information that management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. You should read this discussion and analysis in conjunction with the condensed consolidated financial statements and notes thereto included elsewhere in this Quarterly Report on Form 10-Q, as well as SoFi Technologies’ audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K filed with the SEC on February 17, 2026 and subsequent filings with the SEC. Certain amounts may not foot or tie to other disclosures due to rounding. Certain information in this discussion and analysis or set forth elsewhere in this Quarterly Report on Form 10-Q contains forward-looking statements that involve numerous risks and uncertainties, including, but not limited to, those described under the sections entitled “Cautionary Statement Regarding Forward-Looking Statements” and Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K. We assume no obligation to update any of these forward-looking statements. Actual results may differ materially from those contained in any forward-looking statements. Page Business Overview 53 Business Highlights 58 Non-GAAP Financial Measures 60 Key Business Metrics 66 Key Factors Affecting Operating Results 70 Consolidated Results of Operations 71 Net Interest Income 72 Noninterest Income 73 Provision for Credit Losses 74 Noninterest Expense 76 Income Taxes 77 Summary Results by Segment 78 Lending Segment 79 Technology Platform Segment 84 Financial Services Segment 85 Corporate/Other Segment 86 Consolidated Balance Sheet Analysis 88 Liquidity and Capital Resources 89 Critical Accounting Estimates 93 Recent Accounting Standards Issued, But Not Yet Adopted 94 52 SoFi Technologies, Inc. TAB LE OF CONTENTS Business Overview We are a mission driven company designed to help our members achieve financial independence in order to realize their ambitions. To us, financial independence does not mean being wealthy, but rather represents the ability of our members to have the financial means to achieve their personal objectives at each stage of life, such as owning a home, having a family, or having a career of their choice — more simply stated, to have enough money to do what they want. We were founded in 2011 and have developed a suite of financial products that offers the speed, selection, content and convenience that only an integrated digital platform can provide. In order for us to achieve our mission, we have to help people get their money right, which means providing them with the ability to borrow better, save better, spend better, invest better and protect better. Everything we do today is geared toward helping our members “Get Your Money Right” and we strive to innovate and build ways for our members to achieve this goal. In order to help achieve our mission, we are a member-centric, everything app for digital financial services that, through our Lending and Financial Services products, allows members to borrow, save, spend, invest and protect their money. We refer to our customers as “members” and “clients” as defined under “ Key Business Metrics ”. We offer personal loans, student loans, home loans and related servicing and offer a variety of financial services products, such as SoFi Money, SoFi Credit Card, SoFi Crypto, SoFi Invest and SoFi Relay, that provide more daily interactions with our members, as well as products and capabilities, such as SoFi At Work, that are designed to appeal to enterprises. Lending related services that we offer through our Loan Platform Business help a broader range of borrowers to find lending solutions, through our relationships with members as well as third-party enterprise partners. Our Technology Platform supports innovation for a broad range of enterprises, with offerings that give clients the ability to create, launch and run financial products. In addition, SoFi Plus is our premium financial membership that provides benefits that span our offerings and brings together all we have to offer. We have built a personalized area within our digital native application, which we refer to as the member home experience. The member home experience is personalized and delivers content to a member about what they must do that day in their financial life, what they should consider doing that day in their financial life, and what they could do that day in their financial life. Through the member home experience, there are significant opportunities to build frequent engagement and, to date, the member home experience has been an important driver of new product adoption. The member home experience is an important part of our strategy and our ability to use data as a competitive advantage. To complement these products and services, we believe in establishing partnerships with other enterprises to leverage our existing capabilities to reach a broader market and in building vertically-integrated technology platforms designed to manage and deliver our suite of products and technology solutions to our members and clients in a low-cost and differentiated manner. Our three reportable segments and their primary product and service offerings as of March 31, 2026 were as follows: _________________ (1) Loan Platform Business includes activity related to (i) certain loans which we originate on behalf of third-party partners, (ii) referred loans which are originated by a third-party partner to which we provide pre-qualified borrower referrals, (iii) certain loans associated with our Lantern financial services marketplace platform, and (iv) servicing rights assumed from third parties. Refer to “ Our Reportable Segments—Financial Services Segment ” and “ Our Reportable Segments—Lending Segment ” for more information. 53 SoFi Technologies, Inc. TAB LE OF CONTENTS Members We have created an innovative financial services platform designed to offer best-in-class products to meet the broad objectives of our members and the lifecycle of their financial needs. Our platform offers our members (as defined under “ Key Business Metrics ”) a suite of financial products and services, enabling them to borrow, save, spend, invest and protect their finances across one integrated platform, as well as personal financial management tools and benefits to complement our products. Our aim is to create a best-in-class, integrated financial services platform that will generate a virtuous cycle whereby positive member experiences will lead to new product adoption by existing members and enhanced profitability for each additional product by lowering overall member acquisition costs and increasing the lifetime value of our members. We refer to this virtuous cycle as our “Financial Services Productivity Loop”. We believe that developing a comprehensive, long-term relationship with our members and gaining their trust is central to our success as a financial services platform. We have a digital-first financial services platform that we believe can support all of our members’ financial services needs throughout their lifetime. We believe this will lead to a competitive advantage over other financial institutions that provide a disjointed and non-seamless product experience, a lack of digital customer acquisition, subpar mobile web products instead of digital native apps and incomplete product offerings to meet a customer’s holistic financial needs. Enterprises In addition to benefiting our members, our products and capabilities are also designed to appeal to enterprises and have become interconnected with the SoFi platform, such as financial services institutions that subscribe to our enterprise services, third-party partners in our Loan Platform Business, and clients who utilize our technology platform services. While our enterprises are not considered members, they are important contributors to the growth of the SoFi platform, and also have their own constituents who might benefit from our products in the future. SoFi Bank SoFi Technologies is a bank holding company, and SoFi Bank is a nationally chartered association. As a bank holding company, we offer checking and savings accounts, credit cards and crypto trading through SoFi Bank. We are originating all new loans within SoFi Bank, and we intend to continue to explore other products for SoFi Bank over time, including stablecoin issuance and tokenized deposits. The key current and expected financial benefits to us of operating a national bank include: (i) lowering our cost to fund loans, as we can utilize deposits held at SoFi Bank to fund loans, which generally have a lower borrowing cost of funds than warehouse and securitization financing, (ii) increasing our flexibility to hold loans on our balance sheet for longer periods, thereby enabling us to earn interest on these loans for a longer period, (iii) supporting origination volume growth by providing an alternative financing option, while also maintaining our warehouse capacity, and (iv) through deposits, providing us with a channel to obtain meaningful member data that can allow us to better serve our members’ financial needs. See Part II, Item 1A. “ Risk Factors ” for a discussion of certain potential risks related to being a bank holding company. International Operations While we primarily operate in the United States, we also operate internationally in Latin America, Canada and Switzerland largely through our Technology Platform segment, as well as in Hong Kong through SoFi Holdings (Hong Kong) Limited (an investment business). Our Reportable Segments We conduct our business through three reportable segments: Lending, Technology Platform and Financial Services. Below is a discussion of our segments and their primary products and non-product offerings. Lending Segment We offer personal loans, student loans, home loans and related servicing to help our members with a variety of financial needs. We believe that our market opportunity within each of these lending channels is significant. Our lending process primarily leverages an in-application, digital borrowing experience, which we believe serves as a competitive advantage as digital lending becomes increasingly ubiquitous. Furthermore, our platform supports the full transaction lifecycle, including credit application, underwriting, approval, funding and servicing. Through data derived at loan origination and throughout the servicing process, SoFi has life-of-loan performance data on each loan in our ecosystem that we originate and on which we retain servicing, which provides a meaningful data asset. Net interest income, which we define as the difference between the 54 SoFi Technologies, Inc. TAB LE OF CONTENTS earned interest income and interest expense to finance loans, is a key component of the profitability of our Lending segment, along with fee-based revenue, which includes loan origination fees. Personal Loans. We originate personal loans to help our members with a variety of financial needs, such as debt consolidation, home improvement projects, family planning, travel and weddings, to name a few. We offer fixed rate loans with flexible repayment terms. We generally offer loan sizes of $5,000 to $100,000, subject to legal and/or licensing requirements, with terms generally ranging from 2 to 7 years. We regularly update the annual percentage rates offered on our personal loans. Student Loans. We operate in the student loan refinance space, with a focus on prime and super-prime school loans, as well as the “in-school” lending space, which allows members to borrow funds while they attend school. We offer flexible loan sizes, repayment options and competitive rates. Within student loan refinancing, we generally offer loan sizes of $5,000 or higher, subject to legal and/or licensing requirements, with terms generally ranging from 5 to 20 years. Within in-school loans, we generally offer loan sizes of $1,000 or higher, subject to legal and/or licensing requirements, with terms generally ranging from 5 to 20 years. We regularly update the annual percentage rates offered on our fixed and variable-rate student loans. Home Loans. We originate agency, non-agency, and certain government loan products (including FHA and VA loans) to members who are purchasing a home, refinancing an existing mortgage, or obtaining a home equity loan. Across our home loan products, we provide competitive rates, flexible down payment options as low as 3% (or 0% for VA loans), a close-on-time guarantee, and educational tools and calculators to support members throughout the borrowing process. When a member’s credit profile or other risk attributes do not align with our underwriting guidelines or risk appetite, we may broker home equity loans and home equity lines of credit to a third-party wholesale lender to help meet the member’s financing needs. We originate loans in accordance with applicable loan limits and program requirements, including Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) conforming limits and FHA and VA program limits, with FHA and VA loan amounts capped at $1,500,000. We also offer jumbo loans with loan amounts up to $3,000,000 and fixed-rate home equity loans up to $750,000. Our fixed-rate home loans generally have terms of 10, 15, 20, 25 or 30 years. We also offer adjustable-rate mortgage products for conforming and jumbo loans, with an initial fixed-rate period of 5, 7 or 10 years, followed by rate adjustments every six months for the remaining term. For FHA and VA loans, we offer adjustable-rate products with a fixed rate for five years followed by rate adjustments every year for the remainder of the term. We regularly update the annual percentage rates offered on our home loans. Lending Model We originate loans through our lending business, and have the option of pursuing a gain-on-sale origination model, whereby we seek to recognize a gain from these loans and sell them into either our whole loan or securitization channels, or holding loans on our balance sheet when advantageous. This enables us to maximize our return and balance our risk by earning interest on these loans for a longer period and to be selective in our sales arrangements. We sell our whole loans primarily to large financial institutions. In securitization transactions that do not qualify for sale accounting, the related assets remain on our balance sheet and cash proceeds received are reported as liabilities, with related interest expense recognized over the life of the related borrowing. In securitization transactions that qualify for sale accounting, we typically have insignificant continuing involvement as an investor. In the case of both whole loan sales and securitizations, and with the exception of certain of our home loans, we also continue to retain servicing rights to our originated loans following transfer. We also originate and sell loans in support of our Loan Platform Business, through which we provide lending related services to third-party partners. We maintain the same lending relationship with borrowers across all loans that we originate, inclusive of those originated on behalf of a third-party partner and as such, reflect these products within our Lending segment total products. This enables borrowers to gain access to all the benefits of becoming a SoFi member, and enhances our opportunities to sell additional products from across our platform to these members. See “ Financial Services Segment ” for more information. We directly service all of the personal loans that we originate through our lending business, as well as provide servicing in support of our Loan Platform Business on loans originated on behalf of third-party partners and servicing rights assumed from third parties. We act as master servicer for, and rely on sub-servicers to directly service, all of our student loans and GSE conforming home loans. We view servicing as an integral component of the Lending segment, as we believe our servicing function is an important asset because of the connection to the member it affords us throughout the life of the loan thereby enhancing the effectiveness of our Financial Services Productivity Loop by increasing member touchpoints and driving new product adoption by existing members. We rely upon deposits, warehouse financing and our own capital to enable us to continue to expand our origination capabilities. Our ability to utilize deposits held at SoFi Bank to fund our loans has lowered our overall cost of asset-backed 55 SoFi Technologies, Inc. TAB LE OF CONTENTS financing relative to alternative sources of funding. We expect to benefit from the continued mix towards deposit funding through operating SoFi Bank. Underwriting Process We have developed an extensive underwriting process across each lending product that is focused on willingness to pay (measured by credit attributes and risk scores), ability to pay (measured through free cash flow), and stability (measured by credit experience). A key element of our underwriting process is the ability to facilitate risk-based interest rates that we believe are appropriate for each loan using proprietary risk models. We believe the outcome of this process helps us determine a more data-driven, risk-adjusted interest rate that we can offer our members. Further, our data and monitoring tools enable us to implement risk mitigation strategies quickly and efficiently, including underwriting standard adjustments to adapt our operations to changing environments and expectations. Our personal loan and student loan underwriting models are typically based on credit reports, standard industry credit scores, custom credit assessment models, and debt capacity analysis, as indicated by borrower free cash flow. Home loans originated by SoFi that are agency-conforming loans are subject to credit, debt-to-income, and collateral eligibility established by the GSEs. Government loans, such as VA and Federal Housing Administration loans, are subject to the underwriting requirements established by the appropriate government agency. In addition to these requirements, agency-conforming and government loans are subject to credit eligibility criteria established by SoFi as well as individual investor requirements. Other non-agency loans originated by us, such as jumbo loans and home equity loans, are subject to credit eligibility established by SoFi and/or investor credit criteria, which typically includes established credit history requirements, credit score requirements, income verification, as well as maximum limits on debt-to-income and caps on loan-to-value. We also leverage our data to provide existing members a streamlined application process through automation. Across our loan products, existing members generally experience a higher approval rate than new members, subject to the existing member being in good standing on their existing products. Technology Platform Segment We provide technology platform services through a diversified suite of offerings which include an event and authorization platform accessed via application programming interfaces, a cloud-native digital and core banking platform and services related to both platforms. Our customers and partners include financial institutions, government entities and non-financial institutions primarily in North America and Latin America. We earn technology product and solutions fee-based revenue through the use of the platforms, either as a stand ready obligation, or from overall license and maintenance fee service arrangements related to those respective platforms. We also offer additional add-on technology solutions to support our clients and drive engagement, such as a conversational AI engine for customers of banks and financial institutions, and a real-time payment risk platform which employs AI and machine learning technology to enhance payment fraud mitigation strategies for financial customers. We continue to leverage investments made to integrate our services and offerings to position the Technology Platform segment for diversified durable growth. Financial Services Segment We offer a suite of financial services solutions, the most significant of which are discussed below. Our financial services products (as defined under “ Key Business Metrics ”) by nature provide more daily interactions with our members and are differentiated from our lending products, which inherently provide less consistent touchpoints with our members. We also offer financial services solutions which are designed to appeal to enterprises, including our At Work product and lending related services offered through our Loan Platform Business. Certain products, such as our complementary SoFi Relay product, do not provide direct sources of revenue but foster additional touch points with our members. We believe that our suite of financial services offerings provide many ways for our members to actively engage in getting their money right as well as attractive enterprise solutions. This enables us to deliver positive experiences through various channels, building trust and durable relationships which can ultimately demonstrate the effectiveness of our Financial Services Productivity Loop virtuous cycle. SoFi Money Checking and savings accounts provide a digital banking experience which allows members to spend, save and earn interest and rewards in flexible ways. We believe SoFi Checking and Savings accounts held at SoFi Bank are attractive to our members and prospective members due to our differentiated offerings, including competitive interest rates, access to expanded FDIC insurance coverage of up to $3 million through our Insured Deposit Program and the convenience and benefits of being part of a cohesive, simplified financial ecosystem within our mobile platform. We also offer global remittance services which leverage blockchain technology to provide fast, seamless, low cost and safe international payments. 56 SoFi Technologies, Inc. TAB LE OF CONTENTS SoFi Invest A mobile-first investment platform offering members access to trading and advisory solutions, such as active investing and robo-advisory. Our interactive investing experience fosters engagement by allowing members to view and monitor other investors’ activity on the platform. Our active investing service enables members to buy and sell stocks and ETFs, as well as alternative investment funds, mutual funds and money market funds, to engage in options trading, to participate in IPOs, to buy and sell fractional shares, to engage in margin investing and to access a retirement investment account. Our robo-advisory service offers a variety of managed portfolios comprising ETFs and mutual funds that are built and managed by our investment committee with support from an asset management partner. Additionally, we provide introductory brokerage services to our members and have invested heavily to create an appealing mobile investing experience. SoFi Crypto During the fourth quarter of 2025, we launched SoFi Crypto, a digital asset trading platform within our Financial Services segment. This offering is structured differently from our prior legacy offering and is designed to operate within the Company’s current regulatory framework. SoFi Crypto enables members to buy, sell and hold digital assets through SoFi Bank. The platform is integrated with our existing banking products, allowing members to fund digital asset transactions directly from their SoFi Money checking and savings accounts without transferring funds to external platforms, providing a consolidated experience within a single application. The platform leverages our existing technology infrastructure, compliance framework, and security controls applicable to our bank and brokerage operations. We also provide educational content and in-app disclosures designed to improve accessibility and help members understand digital assets and associated risks, particularly for members who are new to cryptocurrency transactions. In December 2025, we also launched SoFiUSD, our proprietary stablecoin issued on a public, permissionless blockchain, which represented an additional step in expanding our digital asset capabilities. SoFiUSD is intended to support faster, lower-cost and more efficient movement of funds across payment ecosystems. During the first quarter of 2026, we began minting SoFiUSD and entered into a partnership with Mastercard to support future settlement capabilities across its global payments network. These initiatives are intended to enhance interoperability between digital assets and fiat currencies and, over time, facilitate more continuous transaction settlement capabilities. Loan Platform Business We provide lending related services to a broader set of members through our platform of enterprise partners. Revenue from the Loan Platform Business is fee-based. This includes (i) activity through which third-party partners leverage our end-to-end origination and servicing platform to acquire loans within their credit specifications on a fee per loan basis, (ii) referred loans originated by a third-party partner to which we provide pre-qualified borrower referrals, and (iii) activity related to certain loans associated with our Lantern financial services marketplace platform. In addition, we offer loan servicing support through our lending business. See “ Lending Segment ” for more information. Additional financial services solutions offered within our platform include: • SoFi Credit Card : We offer credit card products designed to help eligible members spend better, with benefits and features that fit our members’ everyday spending, borrowing and lifestyle needs, including flexible options to redeem cash back rewards through statement credit or other SoFi products. • SoFi Relay: A personal finance management product that allows members to track all of their financial accounts in one place and gain meaningful insights into their financial health and habits to help them improve their financial standing, such as credit score monitoring and spending behaviors. SoFi Relay also provides us with unified intelligence about our members that offers information about what SoFi products and features may help our members best achieve their financial goals, allowing us to further personalize the SoFi experience for our members. • Lantern : A financial services marketplace platform developed to help small businesses and individuals who do not qualify for SoFi products, through a simplified search and application experience that connects these users to alternative financial solutions from a curated network of other providers. • SoFi Protect : A service through which we partner with providers who offer insurance products to help our members protect their assets, including providers across auto, life, homeowners, renters, and cyber insurance products and estate planning. 57 SoFi Technologies, Inc. TAB LE OF CONTENTS • SoFi Travel : A service through which we partner with a provider to offer an easy travel search and booking experience that can be managed directly through the SoFi app or website, alongside expanded member benefits including member prices on certain bookings and additional cash back rewards on purchases made with SoFi Credit Card. • SoFi At Work : A service through which we partner with other enterprises looking for a seamless way to provide financial benefits to their employees, such as student loan payments made on their employees’ behalf. We believe that the content and features we provide within our mobile application can spur more financial education, which leads to more ways for our members to actively engage in getting their money right and utilize SoFi products. We earn revenues, both net interest income and fee-based, in connection with our Financial Services segment primarily in the ways listed below. See Note 16. Business Segment Information and Note 2. Revenue to the Notes to Condensed Consolidated Financial Statements for additional information on the FTP framework and Financial Services revenue from contracts with customers. Certain products, such as our complementary product SoFi Relay, do not provide direct sources of revenue. Revenue is driven primarily by variability in product utilization by members, as well as volume of transactions related to arrangements that we enter into with enterprise partners as outlined below. • Net interest income : Net interest income is a key component of the profitability of our Financial Services segment as it relates primarily to our SoFi Money and credit card products. Net interest income on SoFi Money is based on interest income determined using our FTP framework, net of interest expense based on the interest rate offered to our members on their deposits. Net interest income on credit card is based on the contractual interest included in credit card agreements, net of interest expense as determined using the FTP framework. • Loan Platform Business, other fees : Through our Loan Platform Business, we originate loans on behalf of third-party partners, for which we receive a specified fee upon sale. The fee includes components for a fixed price per loan and recognition of servicing assets. These fees accounted for 59% of our total Financial Services noninterest income for the three months ended March 31, 2026. • Referral fees : Through strategic partnerships, we earn a specified referral fee in connection with referral activity we facilitate through our platform, inclusive of referral fees generated through our Loan Platform Business for providing pre-qualified borrower referrals (referred loans) to a third-party partner who separately contracts with a loan originator. Referral fees are paid to us by third-party partners that offer services to end users who do not use one of our product offerings, but who were referred to the partners through our platform. Our referral fee is calculated as either a fixed price per successful referral, a percentage of the funded loan, or a percentage of the transaction volume between the enterprise partners and referred consumers. Total referral fees, inclusive of referral fees generated through our Loan Platform Business, accounted for 11% of our total Financial Services noninterest income for the three months ended March 31, 2026. • Interchange fees : We earn interchange fees from our SoFi-branded debit cards and credit cards. These fees are remitted by merchants and represent a percentage of the underlying transaction value processed through a payment network. We engage a card association and enter into contracts that establish the shared economics of SoFi-branded transaction cards. Interchange fees accounted for 18% of our total Financial Services noninterest income for the three months ended March 31, 2026. • Brokerage fees : We earn brokerage fees primarily from our share lending and payment for order flow arrangements related to our SoFi Invest product, in which we benefit through a negotiated multi-year revenue sharing arrangement, since our members' brokerage activity drives the share lending and payment for order flow volume. Brokerage fees accounted for 8% of our total Financial Services noninterest income for the three months ended March 31, 2026. Business Highlights SoFi is a financial services company that leverages technology to serve people and enterprises. SoFi's continuous investments in innovation and brand building led to the strongest financial performance in the history of the company, fueling significant member and product growth and paving the way for future growth. We reported a number of key financial achievements in the three months ended March 31, 2026, including total net revenue of $1.1 billion, representing an increase of 43% over total net revenue in the same period of 2025. For the first quarter of 2026, total fee-based revenue reached $386.8 million, compared to $315.4 million in the same period of 2025, a year-over-year increase of 23%. This was driven by strong performance from our Loan Platform Business, as well as origination fee revenue, interchange fee revenue and brokerage fee revenue. Diluted EPS for the three months ended March 31, 2026 was $0.12 compared to diluted EPS of $0.06 in the same period of 2025. 58 SoFi Technologies, Inc. TAB LE OF CONTENTS The following tables set forth selected financial data: Three Months Ended March 31, 2026 vs 2025 ($ in thousands, except per share amounts) 2026 2025 $ Change % Change Net interest income $ 692,988 $ 498,726 $ 194,262 39 % Total noninterest income 407,380 273,033 134,347 49 % Total net revenue 1,100,368 771,759 328,609 43 % Provision for credit losses 8,895 5,678 3,217 57 % Total noninterest expense 891,921 686,299 205,622 30 % Net income $ 166,731 $ 71,116 $ 95,615 134 % Earnings per share – diluted $ 0.12 $ 0.06 $ 0.06 100 % Net interest margin 5.94 % 6.01 % ($ in thousands) March 31, 2026 December 31, 2025 $ Change % Change Loans held for sale $ 25,454,796 $ 22,862,749 $ 2,592,047 11 % Loans held for investment, at fair value 15,336,820 13,657,578 1,679,242 12 % Loans held for investment, at amortized cost 1,381,174 1,516,736 (135,562) (9) % Total deposits 40,242,697 37,505,395 2,737,302 7 % Total risk-based capital ratio, SoFi Technologies 21.3 % 22.9 % Total risk-based capital ratio, SoFi Bank 15.4 % 16.6 % Continued growth in both total members and products, along with improving operating efficiency, reflects the benefits of our broad product suite and Financial Services Productivity Loop strategy. Total members reached over 14.7 million as of March 31, 2026, a 35% increase from the prior year period, while total products reached nearly 22.2 million as of March 31, 2026, a 39% year-over-year increase. Three Months Ended March 31, 2026 vs 2025 ($ in thousands) 2026 2025 $ Change % Change Lending Total net revenue $ 642,420 $ 413,373 229,047 55 % Contribution profit 382,386 238,935 143,451 60 % Technology Platform Total net revenue 75,086 103,427 (28,341) (27) % Contribution profit 11,999 30,913 (18,914) (61) % Financial Services Total net revenue 428,543 303,119 125,424 41 % Contribution profit 195,584 148,332 47,252 32 % Lending segment contribution profit increased 60% to $382.4 million for the three months ended March 31, 2026 at a segment contribution margin of 60% as compared to the respective 2025 period, which had a segment contribution margin of 58%. Lending segment performance was driven by net interest income primarily driven by growth in average loan balances. Origination volume for our Lending products increased 68% for the three months ended March 31, 2026 as a result of continued strong member demand for personal loans, student loans and home loans as well as strong demand from capital markets partners. Overall, we sold, or transferred through our Loan Platform Business, more than $3.8 billion in total of personal loans and home loans during the three months ended March 31, 2026. We believe that the demand for the Loan Platform Business continues to be strong across a diverse set of partners. Technology Platform segment contribution profit of $12.0 million for the three months ended March 31, 2026 decreased 61% over the respective 2025 period, and total net revenue of $75.1 million for the three months ended March 31, 2026 decreased 27% over the respective 2025 period. Technology Platform total enabled client accounts was 133 million, down from 158 million in the prior year period. These results reflected the exit of a large client that fully transitioned off our platform prior to December 31, 2025. 59 SoFi Technologies, Inc. TAB LE OF CONTENTS Within our Financial Services segment, contribution profit of $195.6 million for the three months ended March 31, 2026, increased 32% compared to the respective 2025 period. Total net revenue of $428.5 million for the three months ended March 31, 2026 increased 41% over the respective 2025 period. In the first quarter of 2026, we generated $138.3 million in loan platform fees, driven by $3.0 billion of personal loans originated on behalf of third parties, as well as referrals. Additionally, our Loan Platform Business generated $2.6 million in servicing cash flow which is recorded in our Lending segment. In total, our Loan Platform Business added $140.8 million to our consolidated adjusted net revenue across these two segments. We also continued to see healthy growth in interchange fee revenue in the first quarter of 2026, up 54% year-over-year, driven by increased spend across Money and Credit Card as well as increased brokerage fee revenue, which was up 116% year-over-year. These results support our ongoing efforts to increase fee-based revenue. We achieved continued strong growth in member deposits and strong deposit contribution from direct deposit members, ending the period with $40.2 billion of total deposits as of March 31, 2026, allowing us to maintain access to diversified sources of funding. Total deposit funds grew nearly $2.7 billion during the quarter. We continue to provide our members with access to expanded FDIC insurance coverage through a network of participating banks in our Insured Deposit Program, further enhancing the benefits of our offering to our members. The strength of our results underscores our belief that our suite of differentiated products and services provides the foundation for a diversified business that can endure through market cycles as well as in the face of exogenous factors. For instance, our access to multiple channels of funding, including deposit and loan warehouse funding, provides increased optionality in sourcing liquidity through different environments and periods of capital markets volatility, as well as increases our flexibility to capture additional net interest margin and optimize returns. This typically provides more stable earnings in any macroeconomic environment, but is particularly important during times of macroeconomic volatility. Non-GAAP Financial Measures This Quarterly Report on Form 10-Q presents information about certain non-GAAP financial measures provided as supplements to the results provided in accordance with GAAP. Our management and Board of Directors use these non-GAAP measures, to evaluate our operating performance, formulate business plans, help better assess our overall liquidity position, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources. Accordingly, we believe that these non-GAAP measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors. These non-GAAP measures have limitations as analytical tools, and should not be considered in isolation from, or as a substitute for, the analysis of other GAAP financial measures. Other companies may not use these non-GAAP measures or may use similar measures that are defined in a different manner. Therefore, our non-GAAP measures may not be directly comparable to similarly titled measures of other companies. Adjusted Net Revenue Adjusted net revenue is a non-GAAP measure. Adjusted net revenue is defined as total net revenue, adjusted to exclude the fair value changes in servicing rights and residual interests classified as debt due to valuation inputs and assumptions changes, which relate only to our Lending segment, as well as gains and losses on extinguishment of debt. We adjust total net revenue to exclude these items, as they are non-cash charges that are not realized during the period or not indicative of our core operating performance, and therefore positive or negative changes do not impact the cash available to fund our operations. Management believes this measure is useful because it enables management and investors to assess our underlying operating performance and cash available to fund our operations. In addition, management uses this measure to better decide on the proper expenses to authorize for each of our operating segments, to ultimately help achieve target contribution profit margins. 60 SoFi Technologies, Inc. TAB LE OF CONTENTS Total Net Revenue and Adjusted Net Revenue In Thousands The following table reconciles adjusted net revenue to total net revenue, the most directly comparable GAAP measure: Three Months Ended March 31, ($ in thousands) 2026 2025 Total net revenue (GAAP) $ 1,100,368 $ 771,759 Servicing rights – change in valuation inputs or assumptions (1) (13,163) (1,074) Residual interests classified as debt – change in valuation inputs or assumptions (2) 27 35 Adjusted net revenue (non-GAAP) $ 1,087,232 $ 770,720 ___________________ (1) Reflects changes in fair value inputs and assumptions on servicing rights, including conditional prepayment, default rates and discount rates. These assumptions are highly sensitive to market interest rate changes and are not indicative of our performance or results of operations. Moreover, these non-cash charges are unrealized during the period and, therefore, have no impact on our cash flows from operations. (2) Reflects changes in fair value inputs and assumptions on residual interests classified as debt, including conditional prepayment, default rates and discount rates. When third parties finance our consolidated securitization VIEs by purchasing residual interests, we receive proceeds at the time of the closing of the securitization and, thereafter, pass along contractual cash flows to the residual interest owner. These residual debt obligations are measured at fair value on a recurring basis, but they have no impact on our initial financing proceeds, our future obligations to the residual interest owner (because future residual interest claims are limited to contractual securitization collateral cash flows), or the general operations of our business. The following table reconciles adjusted net revenue to total net revenue, the most directly comparable GAAP measure, for the quarterly periods presented: Quarter Ended ($ in thousands) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Total net revenue (GAAP) $ 1,100,368 $ 1,025,051 $ 961,600 $ 854,944 $ 771,759 Servicing rights – change in valuation inputs or assumptions (1) (13,163) (12,224) (11,989) 3,274 (1,074) Residual interests classified as debt – change in valuation inputs or assumptions (2) 27 8 15 12 35 Adjusted net revenue (non-GAAP) $ 1,087,232 $ 1,012,835 $ 949,626 $ 858,230 $ 770,720 ___________________ (1) See footnote (1) to the table above. (2) See footnote (2) to the table above. 61 SoFi Technologies, Inc. TAB LE OF CONTENTS The following table reconciles adjusted net revenue for the Lending segment to total net revenue for the Lending segment, the most directly comparable GAAP measure: Three Months Ended March 31, ($ in thousands) 2026 2025 Total net revenue – Lending (GAAP) $ 642,420 $ 413,373 Servicing rights – change in valuation inputs or assumptions (1) (13,163) (1,074) Residual interests classified as debt – change in valuation inputs or assumptions (2) 27 35 Adjusted net revenue – Lending (non-GAAP) $ 629,284 $ 412,334 ___________________ (1) See footnote (1) to the table above. (2) See footnote (2) to the table above. Adjusted Contribution Margin and Incremental Adjusted Contribution Margin — Lending Adjusted contribution margin and incremental adjusted contribution margin are non-GAAP measures and relate only to our Lending segment. Adjusted contribution margin is defined as segment contribution profit for the Lending segment, divided by adjusted net revenue for the Lending segment, a non-GAAP measure. Incremental adjusted contribution margin is defined as the change in segment contribution profit for our Lending segment, divided by change in adjusted net revenue for the Lending segment. See ‘ Adjusted Net Revenue’ above for a reconciliation of Lending segment adjusted net revenue. Management believes adjusted contribution margin metrics are useful because they enable management and investors to assess the underlying operating performance of our Lending segment, by removing the impact of changes in volume over periods to present a comparable view of segment contribution profit, which is a measure of the direct profitability of each of our reportable segments, as a percentage of segment adjusted net revenue for the Lending segment during each period. The following table presents a reconciliation of adjusted contribution margin and incremental adjusted contribution margin for our reportable Lending segment: Three Months Ended March 31, 2026 vs 2025 ($ in thousands) 2026 2025 $ Change Lending Contribution profit – Lending (GAAP) $ 382,386 $ 238,935 $ 143,451 Net revenue – Lending (GAAP) 642,420 413,373 229,047 Contribution margin – Lending (GAAP) (1) 60 % 58 % Incremental contribution margin – Lending (GAAP) (1) 63 % Adjusted net revenue – Lending (non-GAAP) (2) $ 629,284 $ 412,334 $ 216,950 Adjusted contribution margin – Lending (non-GAAP) 61 % 58 % Incremental adjusted contribution margin – Lending (non-GAAP) 66 % ___________________ (1) Contribution margin is defined for each of our reportable segments as contribution profit (loss), divided by net revenue. Incremental contribution margin for each of our reportable segments is defined as the change in segment contribution profit (loss), divided by change in net revenue. (2) Refer to ‘ Adjusted Net Revenue ’ above for reconciliation of this non-GAAP measure. Adjusted EBITDA, Adjusted EBITDA Margin and Incremental Adjusted EBITDA Margin Adjusted EBITDA, adjusted EBITDA margin and incremental adjusted EBITDA margin are non-GAAP measures. Adjusted EBITDA is defined as net income, adjusted to exclude, as applicable: (i) corporate borrowing-based interest expense (our adjusted EBITDA measure is not adjusted for warehouse or securitization-based interest expense, nor deposit interest expense and finance lease liability interest expense, as these are direct operating expenses), (ii) income tax expense (benefit), (iii) depreciation and amortization associated with property, equipment and software and intangible assets, (iv) share-based expense (inclusive of equity-based payments to non-employees), (v) foreign currency impacts related to operations in highly inflationary countries, (vi) fair value changes in each of servicing rights and residual interests classified as debt due to valuation assumptions, (vii) restructuring charges, (viii) transaction-related expenses, and (ix) other charges, as appropriate, that are not expected to recur and are not indicative of our core operating performance. 62 SoFi Technologies, Inc. TAB LE OF CONTENTS Adjusted EBITDA margin is computed as adjusted EBITDA divided by adjusted net revenue. Incremental adjusted EBITDA margin is defined as the change in adjusted EBITDA, divided by change in adjusted net revenue. See ‘ Adjusted Net Revenue’ above for a reconciliation of this non-GAAP measure. Management believes adjusted EBITDA, adjusted EBITDA margin and incremental adjusted EBITDA margin are useful measures for period-over-period comparisons of our business. These measures enable management and investors to assess our core operating performance or results of operations by removing the effects of certain non-cash items and charges, as well as the impact of changes in volume over periods as applicable. In addition, management uses these measures to help evaluate cash flows generated from operations and the extent of additional capital, if any, required to invest in strategic initiatives. Net Income and Adjusted EBITDA In Thousands 63 SoFi Technologies, Inc. TAB LE OF CONTENTS The following table reconciles adjusted EBITDA to net income, the most directly comparable GAAP measure, and presents the computations of adjusted EBITDA margin and incremental adjusted EBITDA margin: Three Months Ended March 31, 2026 vs 2025 ($ in thousands) 2026 2025 $ Change Net income (GAAP) $ 166,731 $ 71,116 $ 95,615 Non-GAAP adjustments: Interest expense – corporate borrowings (1) 10,651 11,428 (777) Income tax expense (benefit) (2) 32,821 8,666 24,155 Depreciation and amortization 67,578 55,283 12,295 Share-based expense 72,012 63,756 8,256 Foreign currency impact of highly inflationary subsidiaries (3) 411 276 135 Servicing rights – change in valuation inputs or assumptions (4) (13,163) (1,074) (12,089) Residual interests classified as debt – change in valuation inputs or assumptions (5) 27 35 (8) Restructuring charges (6) 1,960 851 1,109 Transaction-related expense (7) 873 — 873 Total adjustments 173,170 139,221 33,949 Adjusted EBITDA (non-GAAP) $ 339,901 $ 210,337 $ 129,564 Total net revenue (GAAP) $ 1,100,368 $ 771,759 $ 328,609 Net income margin (GAAP) 15 % 9 % Incremental net income margin (GAAP) 29 % Adjusted net revenue (non-GAAP) (8) $ 1,087,232 $ 770,720 $ 316,512 Adjusted EBITDA margin (non-GAAP) 31 % 27 % Incremental adjusted EBITDA margin (non-GAAP) 41 % ___________________ (1) Our adjusted EBITDA measure adjusts for corporate borrowing-based interest expense, as these expenses are a function of our capital structure. Corporate borrowing-based interest expense includes interest on our revolving credit facility, as well as interest expense and the amortization of debt discount and debt issuance costs on our convertible notes. (2) The income tax expense recognized in both periods was primarily attributable to the Company’s profitability, partially offset by discrete tax benefits for stock compensation recorded in each quarter. See Note 13. Income Taxes to the Notes to Condensed Consolidated Financial Statements for additional information. (3) Foreign currency charges reflect the impacts of highly inflationary accounting for our operations in Argentina, which are related to our Technology Platform segment. (4) Reflects changes in fair value inputs and assumptions, including market servicing costs, conditional prepayment, default rates and discount rates. This non-cash change is unrealized during the period and, therefore, has no impact on our cash flows from operations. As such, these positive and negative changes in fair value attributable to assumption changes are adjusted out of net income to provide management and financial users with better visibility into the earnings available to finance our operations. (5) Reflects changes in fair value inputs and assumptions, including conditional prepayment, default rates and discount rates. When third parties finance our consolidated VIEs through purchasing residual interests, we receive proceeds at the time of the securitization close and, thereafter, pass along contractual cash flows to the residual interest owner. These obligations are measured at fair value on a recurring basis, which has no impact on our initial financing proceeds, our future obligations to the residual interest owner (because future residual interest claims are limited to contractual securitization collateral cash flows), or the general operations of our business. As such, these positive and negative non-cash changes in fair value attributable to assumption changes are adjusted out of net income to provide management and financial users with better visibility into the earnings available to finance our operations. (6) Restructuring charges in the 2026 period included employee-related wages, benefits and severance associated with a small reduction in headcount in our Technology Platform segment, which do not reflect expected future operating expenses and are not indicative of our core operating performance. Restructuring charges in 2025 relate to legal entity restructuring. (7) Transaction-related expenses in the 2026 period reflect costs associated with strategic evaluations and related activities. (8) Refer to ‘ Adjusted Net Revenue ’ above for reconciliation of this non-GAAP measure. 64 SoFi Technologies, Inc. TAB LE OF CONTENTS The following table reconciles adjusted EBITDA to net income, the most directly comparable GAAP measure, for the quarterly periods presented: Quarter Ended ($ in thousands) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Net income (GAAP) $ 166,731 $ 173,549 $ 139,392 $ 97,263 $ 71,116 Non-GAAP adjustments: Interest expense – corporate borrowings 10,651 11,196 11,595 11,504 11,428 Income tax expense 32,821 11,783 9,159 14,929 8,666 Depreciation and amortization 67,578 62,880 59,245 56,743 55,283 Share-based expense 72,012 68,577 66,469 63,256 63,756 Foreign currency impact of highly inflationary subsidiaries 411 1,808 2,954 2,066 276 Servicing rights – change in valuation inputs or assumptions (13,163) (12,224) (11,989) 3,274 (1,074) Residual interests classified as debt – change in valuation inputs or assumptions 27 8 15 12 35 Restructuring charges 1,960 20 41 36 851 Transaction-related expense 873 — — — — Total adjustments 173,170 144,048 137,489 151,820 139,221 Adjusted EBITDA (non-GAAP) $ 339,901 $ 317,597 $ 276,881 $ 249,083 $ 210,337 Total net revenue (GAAP) $ 1,100,368 $ 1,025,051 $ 961,600 $ 854,944 $ 771,759 Net income margin (GAAP) 15 % 17 % 14 % 11 % 9 % Adjusted net revenue (non-GAAP) $ 1,087,232 $ 1,012,835 $ 949,626 $ 858,230 $ 770,720 Adjusted EBITDA margin (non-GAAP) 31 % 31 % 29 % 29 % 27 % Adjusted Net Income, Adjusted Net Income Margin, Incremental Adjusted Net Income Margin and Adjusted EPS Adjusted net income, adjusted net income margin, incremental adjusted net income margin and adjusted diluted earnings per share are non-GAAP measures. Adjusted net income is defined as net income, adjusted to exclude, as applicable, goodwill impairment expense and certain income tax benefits that are not expected to recur and are not indicative of our core operating performance. Adjusted diluted earnings per share (“adjusted EPS”) is a non-GAAP financial measure that adjusts GAAP diluted earnings per share. Adjusted EPS is computed by dividing net income attributable to common stockholders, adjusted to exclude, as applicable, goodwill impairment expense and certain income tax benefits that are not expected to recur and are not indicative of our core operating performance, by the diluted weighted average number of shares of common stock outstanding during the period, excluding the dilutive impact of the 2026 and 2029 convertible notes under the if-converted method for which the 2026 and 2029 capped call transactions, respectively, would deliver cash or shares to offset dilution. Adjusted net income margin is computed as adjusted net income divided by adjusted net revenue. Incremental adjusted net income margin is defined as the change in adjusted net income, divided by change in adjusted net revenue. See ‘ Adjusted Net Revenue’ above for a reconciliation of this non-GAAP measure. Management believes adjusted net income, adjusted net income margin, incremental adjusted net income margin and adjusted EPS are useful because they enable management and investors to assess our core operating performance or results of operations, by removing the effects of certain non-cash items and charges to present a comparable view for period over period comparisons of our business. 65 SoFi Technologies, Inc. TAB LE OF CONTENTS The following table: (i) reconciles adjusted net income to net income, the most directly comparable GAAP measure, (ii) reconciles adjusted EPS to diluted earnings per share, the most directly comparable GAAP measure, and (iii) presents the computations of adjusted net income margin and incremental adjusted net income margin: Three Months Ended March 31, 2026 vs 2025 ($ and shares in thousands, except per share amounts) (1) 2026 2025 $ Change Net income (GAAP) $ 166,731 $ 71,116 $ 95,615 Adjusted net income (non-GAAP) $ 166,731 $ 71,116 $ 95,615 Numerator: Net income attributable to common stockholders – diluted (GAAP) (2) $ 167,075 $ 71,455 Adjusted net income attributable to common stockholders – diluted (non-GAAP) $ 167,075 $ 71,455 Denominator: Weighted average common stock outstanding – diluted (GAAP) 1,378,011 1,185,466 Non-GAAP adjustments: Dilutive impact of convertible notes (3) (22,032) (31,412) Adjusted weighted average common stock outstanding – diluted (non-GAAP) 1,355,979 1,154,054 Earnings per share – diluted (GAAP) (2) $ 0.12 $ 0.06 Impact of adjustments per share — — Adjusted earnings per share – diluted (non-GAAP) (2) $ 0.12 $ 0.06 Net income margin (GAAP) 15 % 9 % Adjusted net revenue (non-GAAP) (4) $ 1,087,232 $ 770,720 Adjusted net income margin (non-GAAP) 15 % 9 % Incremental adjusted net income margin (non-GAAP) 30 % ____________________ (1) Certain amounts may not recalculate exactly using the rounded amounts provided. Earnings per share is calculated based on unrounded numbers. (2) Diluted earnings per share and diluted net income attributable to common stockholders exclude gain on extinguishment of debt, net of tax, as well as interest expense incurred, net of tax, associated with convertible note activity during the period as evaluated under the if-converted method. (3) This non-GAAP adjustment excludes the dilutive impact of the 2026 and 2029 convertible notes, to the extent that the 2026 and 2029 capped call transactions, respectively, would deliver cash or shares to offset dilution. (4) Refer to ' Adjusted Net Revenue ' above for reconciliation of this non-GAAP measure. Key Business Metrics The table below presents the key business metrics that management uses to evaluate our business, measure our performance, identify trends and make strategic decisions: March 31, 2026 March 31, 2025 Variance % Change Members 14,706,040 10,915,811 3,790,229 35 % Total Products 22,159,146 15,915,425 6,243,721 39 % Total Products — Lending segment 2,831,352 2,129,833 701,519 33 % Total Products — Financial Services segment 19,327,794 13,785,592 5,542,202 40 % Total Accounts — Technology Platform segment 132,874,105 158,432,347 (25,558,242) (16) % See “Summary Results by Segment” for additional metrics we review at the segment level. Members We refer to our customers as “members”. We define a member as someone who has a lending relationship with us through origination and/or ongoing servicing, opened a financial services account, linked an external account to our platform, or signed up for our credit score monitoring service. Our members have access to our CFPs, our member events, our content, educational material, news, and our tools and calculators, which are provided at no cost to the member. Additionally, our 66 SoFi Technologies, Inc. TAB LE OF CONTENTS mobile application and website have a member home experience that is personalized and delivers content to a member about what they must do that day in their financial life, what they should consider doing that day in their financial life, and what they can do that day in their financial life. Once someone becomes a member, they are always considered a member unless they are removed in accordance with our terms of service, in which case, we adjust our total number of members. This could occur for a variety of reasons—including fraud or pursuant to certain legal processes—and, as our terms of service evolve together with our business practices, product offerings and applicable regulations, our grounds for removing members from our total member count could change. The determination that a member should be removed in accordance with our terms of service is subject to an evaluation process, following the completion, and based on the results, of which, relevant members and their associated products are removed from our total member count in the period in which such evaluation process concludes. However, depending on the length of the evaluation process, that removal may not take place in the same period in which the member was added to our member count or the same period in which the circumstances leading to their removal occurred. For this reason, our total member count may not yet reflect adjustments that may be made once ongoing evaluation processes, if any, conclude. We view members as an indication not only of the size and a measurement of growth of our business, but also as a measure of the significant value of the data we have collected over time. The data we collect from our members helps us to, among other things: (i) assess loan life performance data on each loan in our ecosystem, which can inform risk-based interest rates that we can offer our members, (ii) understand our members’ spending behavior to identify and suggest other products we offer that may align with the members’ financial needs, and (iii) enhance our opportunities to sell additional products to our members, as our members represent a vital source of marketing opportunities. When we provide additional products to members, it helps improve our unit economics per member, as we save on marketing costs that we would otherwise incur to attract new members. It also increases the lifetime value of an individual member. This in turn enhances our Financial Services Productivity Loop. Member growth is generally an indicator of future revenue, but is not directly correlated with revenues, since not all members who sign up for one of our products fully utilize or continue to use our products, and not all of our products (such as our complimentary product, SoFi Relay) provide direct sources of revenue. Since our inception through March 31, 2026, we have served approximately 14.7 million members who have used approximately 22.2 million products on the SoFi platform. Members In Thousands Total Products Total products refers to the aggregate number of lending and financial services products that our members have selected on our platform since our inception through the reporting date, whether or not the members are still registered for such products. Total products is a primary indicator of the size and reach of our Lending and Financial Services segments. Management relies on total products metrics to understand the effectiveness of our member acquisition efforts and to gauge the propensity for members to use more than one product. In our Lending segment, total products refers to the number of personal loans, student loans and home loans that have been originated through our platform through the reporting date, inclusive of loans which we originate as part of our Loan Platform Business, whether or not such loans have been paid off. If a member has multiple loan products of the same loan 67 SoFi Technologies, Inc. TAB LE OF CONTENTS product type, such as two personal loans, that is counted as a single product. However, if a member has multiple loan products across loan product types, such as one personal loan and one home loan, that is counted as two products. The account of a co-borrower or co-signer is not considered a separate lending product. In our Financial Services segment, total products refers to the number of SoFi Money accounts (inclusive of checking and savings accounts held at SoFi Bank and cash management accounts), SoFi Invest accounts, SoFi Credit Card accounts (including accounts with a zero dollar balance at the reporting date), referred loans (which are originated by a third-party partner to which we provide pre-qualified borrower referrals), SoFi At Work accounts, SoFi Relay accounts (with either credit score monitoring enabled or external linked accounts), and SoFi Crypto accounts that have been opened through our platform through the reporting date. Checking and savings accounts are considered one account within our total products metric. Our SoFi Invest service is composed of four products: IRA self-directed accounts, taxable self-directed accounts, IRA robo-advisory accounts, and taxable robo-advisory accounts. Our members can select any one or combination of the SoFi Invest products. If a member has multiple SoFi Invest accounts of the same products, such as one IRA self-directed account and one IRA robo-advisory account (or one tax-advantaged brokerage account and one taxable brokerage account), those are considered separate products. The account of a joint- or co-account holder is considered a separate financial services product. In the event a member is removed in accordance with our terms of service, as discussed under “Members” above, the member’s associated products are also removed. Product growth is generally an indicator of future revenue, but is not directly correlated with revenues, since not all members who sign up for one of our products immediately or fully utilize or continue to use our products, and not all of our products (such as our complimentary product, SoFi Relay) provide direct sources of revenue. Further, product growth may not directly correlate with expense growth as a result of the effects of the Financial Services Productivity Loop. See “ Consolidated Results of Operations ” and “ Summary Results by Segment ” for discussion and analysis of operating results. Products In Thousands Total lending products were composed of the following: Lending Products March 31, 2026 March 31, 2025 Variance % Change Personal loans (1) 2,100,366 1,507,344 593,022 39 % Student loans 672,407 583,914 88,493 15 % Home loans 58,579 38,575 20,004 52 % Total lending products 2,831,352 2,129,833 701,519 33 % ___________________ (1) Includes loans which we originate as part of our Loan Platform Business. 68 SoFi Technologies, Inc. TAB LE OF CONTENTS Total financial services products were composed of the following: Financial Services Products March 31, 2026 March 31, 2025 Variance % Change Money (1) 7,319,872 5,477,472 1,842,400 34 % Invest (2) 3,672,884 2,684,658 988,226 37 % Credit Card 436,184 306,106 130,078 42 % Referred loans (3) 162,485 102,986 59,499 58 % Crypto (4) 239,509 — 239,509 n/m At Work 176,142 119,886 56,256 47 % Relay 7,320,718 5,094,484 2,226,234 44 % Total financial services products 19,327,794 13,785,592 5,542,202 40 % ___________________ (1) Includes checking and savings accounts held at SoFi Bank, and cash management accounts. (2) Beginning in the first quarter of 2026, we updated our SoFi Invest product metric to reflect four products. Prior to this, our SoFi Invest service was composed of two products, self-directed accounts and robo-advisory accounts. Self-directed accounts were previously referred to as active investing accounts. The impact to prior periods was determined to be immaterial, and prior periods were not recast. (3) Limited to loans wherein we provide third party fulfillment services as part of our Loan Platform Business. (4) During the fourth quarter of 2025, we returned to crypto investing with the launch of SoFi Crypto. Technology Platform Total Accounts In our Technology Platform segment, total accounts refers to the number of open accounts at Galileo as of the reporting date. We include intercompany accounts on the Galileo platform as a service in our total accounts metric to better align with the Technology Platform segment revenue reported in Note 16. Business Segment Information to the Notes to Condensed Consolidated Financial Statements, which includes intercompany revenue. Intercompany revenue is eliminated in consolidation. Total accounts is a primary indicator of the accounts dependent upon our technology platform to use virtual card products, virtual wallets, make peer-to-peer and bank-to-bank transfers, receive early paychecks, separate savings from spending balances, make debit transactions and rely upon real-time authorizations, all of which result in revenues for the Technology Platform segment. We do not measure total accounts for other products and solutions for which the revenue model is not primarily dependent upon being a fully integrated, stand-ready service. Technology Platform Accounts In Millions March 31, 2026 March 31, 2025 Variance % Change Total accounts (1) 132,874,105 158,432,347 (25,558,242) (16) % ___________________ (1) Includes the impact from a large client which fully transitioned off the platform prior to December 31, 2025. 69 SoFi Technologies, Inc. TAB LE OF CONTENTS Key Factors Affecting Operating Results Our future operating results and cash flows are dependent upon a number of opportunities, challenges and other factors, including our loan origination volume, financial services products and member activity on our platform, growth in technology platform clients, competition and industry trends, general economic conditions and our ability to optimize our national bank charter. The key factors affecting our operating results are discussed in our Annual Report on Form 10-K for the year ended December 31, 2025, with notable updates provided herein. Industry Trends and General Economic Conditions The Federal Reserve adjusts monetary policy in response to evolving macroeconomic conditions, including inflation, labor market dynamics, and broader economic indicators. The timing and extent of policy changes remain uncertain and may be influenced by economic data and Federal Reserve leadership considerations. Persistent inflation may reduce consumer purchasing power and real wages, adversely affecting the credit profile of our members and demand for our lending and investment products. Elevated or rising interest rates, including in response to inflation, have adversely impacted and may continue to adversely impact demand for refinancing products. Additionally, rapid increases in interest rates or deterioration in macroeconomic conditions could negatively affect economic growth, consumer financial health, and overall market conditions. Our results of operations have historically demonstrated relative resilience during economic downturns; however, future performance remains dependent on the strength of the overall economy and key drivers such as unemployment, inflation, asset prices, and consumer spending. Changes in economic conditions influence disposable income, which in turn affects consumer spending, saving, borrowing, and investing behaviors. Interest rates, monetary policy, market volatility, consumer confidence, and expectations regarding inflation or deflation may further impact these behaviors. The liquidity and condition of capital markets may also affect benchmark interest rates and credit spreads, influencing consumer demand and financial activity. Global geopolitical conditions, including conflicts in the Middle East and other regions, may contribute to volatility in energy markets, including oil prices, and broader global economic instability. Such developments may exacerbate inflationary pressures, disrupt supply chains, and increase market volatility, which could adversely affect economic growth and consumer financial conditions. We have continued to experience strong demand for our deposit products, driven in part by competitive interest rates and access to expanded FDIC insurance coverage through our Insured Deposit Program. Our credit trends continued to be strong in the first quarter of 2026 after seeing delinquencies peak over two years ago in the first quarter of 2024. Annualized charge-off rates decreased year-over-year across several portfolios, reflecting improvements in overall credit quality. These trends, together with the macroeconomic and geopolitical factors described above, may impact demand for our products, our cost structure, and our liquidity, results of operations, and financial condition. Fair Value of Loans We measure our personal loans, student loans and home loans at fair value. Our fair value adjustments on loans impact our consolidated results of operations and include adjustments related to loans originated during the period, loans held at the balance sheet date, as well as gains (losses) on loans sold or repurchased during the period. Fair value adjustments made in each reporting period are impacted by factors such as, among others, interest rates, weighted average coupon, credit spreads, actual and estimated losses, prepayment speeds, duration and previous loan sale execution on similar loans. In determining our fair value assumptions, we incorporate recent data impacting the capital markets, as well as factors specific to us. Changes in these factors, either positive or negative, can have a material impact on our results of operations. The following table summarizes the significant inputs to the fair value model for personal and student loans: Personal Loans Student Loans March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025 Weighted average coupon rate (1) 12.96 % 13.11 % 5.91 % 5.87 % Weighted average annual default rate 4.57 % 4.46 % 0.69 % 0.68 % Weighted average conditional prepayment rate 25.55 % 26.87 % 11.15 % 11.21 % Weighted average discount rate 4.61 % 4.46 % 4.05 % 3.89 % ___________________ (1) Represents the average coupon rate on loans held on balance sheet, weighted by unpaid principal balance outstanding at the balance sheet date. 70 SoFi Technologies, Inc. TAB LE OF CONTENTS As of the first quarter of 2026 relative to the fourth quarter of 2025, we observed the following trends: • Personal loan marks were down from the prior quarter, driven by an increase in the weighted average discount rate which was due to a higher benchmark rate, as well as a modest decline in weighted average coupon rate and a modest increase in the weighted average annual default rate assumption. These changes were partially offset by a modest decrease in the weighted average prepayment rate. • The personal loan annualized charge-off rate increased to 3.03% from 2.80% in the prior quarter, including the impact of asset sales, new originations and delinquency sales in the quarter. This was primarily a function of maintaining consistent delinquent loan sales as the balance sheet has grown. • Student loan marks were down from the prior quarter, driven by an increase in the weighted average discount rate due to a higher benchmark rate, and was partially offset by a modest decrease in the weighted average prepayment rate. The weighted average coupon rate and weighted average default rate assumptions remained relatively consistent with the fourth quarter. • The student loan annualized charge-off rate decreased to 65 basis points from 76 basis points in the prior quarter, driven by seasonality and the impact from a student loan repurchase that concluded during the fourth quarter. The combination of these and other factors, including in period originations, resulted in fair value losses and gains recognized on our personal and student loans portfolios, respectively, during the first quarter of 2026. Student Lending Changes in demand and loan volume for our student loan refinancing product and our in-school student loans will likely be affected by a variety of factors affecting students, including the overall interest rate environment, employment market, school tuition and admissions, executive actions by the U.S. presidential administration related to federal student loans, and how competitive our student loan refinancing products are compared to our competitors and other macroeconomic factors. Changes in law, regulations or governmental policies related to federal or private student loans could materially impact demand for our student loan products and our business in ways that are difficult to predict. For example, in the past, the government has provided relief measures for federal student loan borrowers, including, among others, a federal student loan payment moratorium and debt forgiveness measures. The manner in which federal loans require repayment and federal loan servicers implement such policies can be expected to affect demand for SoFi student loan refinancing. Additionally, in July 2025, the One Big Beautiful Bill Act (Pub. L. No. 119-21) (“OBBB”) was signed into law, which included provisions to eliminate federal Grad PLUS loans, impose lower borrowing limits and restrictions on Parent PLUS loans, starting in July 2026, and establish new repayment assistance plans. We expect these changes could lead to changes in demand for SoFi’s student loan products. All such outcomes are highly uncertain and depend on additional factors not specified here. Consolidated Results of Operations The following table sets forth selected consolidated statements of income data: Three Months Ended March 31, 2026 vs 2025 ($ in thousands) 2026 2025 $ Change % Change Net interest income $ 692,988 $ 498,726 $ 194,262 39 % Total noninterest income 407,380 273,033 134,347 49 % Total net revenue 1,100,368 771,759 328,609 43 % Provision for credit losses 8,895 5,678 3,217 57 % Total noninterest expense 891,921 686,299 205,622 30 % Income before income taxes 199,552 79,782 119,770 150 % Income tax expense (32,821) (8,666) (24,155) 279 % Net income $ 166,731 $ 71,116 $ 95,615 134 % 71 SoFi Technologies, Inc. TAB LE OF CONTENTS Net Interest Income The table below presents average balance and interest information for each major category of interest-earning assets and interest-bearing liabilities, along with net interest income and net interest margin. The table also presents period-over period changes in net interest income and the extent to which the variances are attributable to changes in the volume of our interest-earning assets and interest-bearing liabilities or changes in the interest rates related to these assets and liabilities. Average Balances and Net Interest Earnings Analysis Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 Change due to (1) ($ in thousands) Average Balances (2) Interest Income/Expense Average Yield/Rate Average Balances (2) Interest Income/Expense Average Yield/Rate Volume Rate Total Assets Interest-earning assets: Interest-bearing deposits with banks $ 4,497,684 $ 37,749 3.40 % $ 2,738,657 $ 25,987 3.85 % $ 14,762 $ (3,000) $ 11,762 Investment securities 2,722,554 32,740 4.88 2,031,588 26,344 5.26 8,310 (1,914) 6,396 Loans 40,101,179 930,507 9.41 28,877,073 711,481 9.99 260,445 (41,419) 219,026 Total interest-earning assets 47,321,417 1,000,996 8.58 33,647,318 763,812 9.21 283,517 (46,333) 237,184 Total noninterest-earning assets 4,649,975 3,822,660 Total assets $ 51,971,392 $ 37,469,978 Liabilities and Equity Interest-bearing liabilities: Demand deposits $ 3,412,369 $ 8,395 1.00 % $ 1,988,318 $ 2,371 0.48 % $ 3,504 $ 2,520 $ 6,024 Savings deposits 33,344,978 268,303 3.26 23,694,819 216,671 3.71 77,648 (26,016) 51,632 Time deposits 1,008,195 10,531 4.24 502,562 6,357 5.13 5,281 (1,107) 4,174 Total interest-bearing deposits 37,765,542 287,229 3.08 26,185,699 225,399 3.49 86,433 (24,603) 61,830 Warehouse facilities 726,929 8,298 4.63 1,988,643 26,390 5.38 (14,403) (3,689) (18,092) Securitization debt 53,065 390 2.98 73,781 581 3.20 (151) (40) (191) Other debt (3) 1,761,584 12,091 2.78 1,755,695 12,716 2.94 40 (665) (625) Total debt 2,541,578 20,779 3.32 3,818,119 39,687 4.22 (14,514) (4,394) (18,908) Residual interests classified as debt 511 — — 579 — — — — — Total interest-bearing liabilities 40,307,631 308,008 3.10 30,004,397 265,086 3.58 71,919 (28,997) 42,922 Total noninterest-bearing liabilities 1,220,573 851,676 Total liabilities 41,528,204 30,856,073 Total equity 10,443,188 6,613,905 Total liabilities and equity $ 51,971,392 $ 37,469,978 Net interest income (4) $ 692,988 $ 498,726 $ 211,598 $ (17,336) $ 194,262 Net interest margin (5) 5.94 % 6.01 % __________________ (1) We calculate the changes in interest income and interest expense separately for each item. Volume and rate changes have been allocated on a consistent basis using the respective percentage changes in average balances and average rates. (2) Average balances were calculated on daily carrying balances. (3) Interest expense on other debt primarily includes debt issuance and discount expense, as well as interest expense on the revolving credit facility and convertible senior notes. (4) Net interest income is calculated as the excess of total interest income on interest-earning assets over total interest expense on interest-bearing liabilities. (5) Net interest margin is calculated as net interest income divided by total average interest-earning assets. For the three months ended March 31, 2026 compared to the three months ended March 31, 2025, net interest income increased by $194.3 million, or 39%, and net interest margin decreased by 7 bps. Average interest-earning assets increased by 41%, and average yields decreased by 63 bps, while average interest-bearing liabilities increased by 34% and the average cost of interest-bearing liabilities decreased by 48 bps. The $194.3 million increase in net interest income was primarily driven by (i) higher interest income on loans of $219.0 million, which was primarily a function of an increase in origination volume, (ii) lower interest expense on warehouse facilities of $18.1 million as we continued to rely less on our warehouse facilities for our funding needs and were fully paid down by the end of the quarter, (iii) higher interest income from interest-bearing deposits with banks of $11.8 million driven by an increase in average deposits and the proceeds from the common stock offerings that we completed in the third and fourth quarters of 2025, and (iv) higher interest income from investment securities of $6.4 million primarily attributable to an increase in average balances. 72 SoFi Technologies, Inc. TAB LE OF CONTENTS These items were partially offset by higher interest expense on interest-bearing deposits of $61.8 million resulting from the net impact of higher interest-bearing deposit balances partially offset by lower rates on savings and time deposits. Noninterest Income The following table presents the components of our total noninterest income: Three Months Ended March 31, 2026 vs 2025 ($ in thousands) 2026 2025 $ Change % Change Loan origination, sales, securitizations and servicing $ 142,209 $ 52,805 $ 89,404 169 % Technology products and solutions 49,351 86,437 (37,086) (43) % Loan platform fees 138,255 92,750 45,505 49 % Net crypto transaction revenue 852 — 852 n/m Other 76,713 41,041 35,672 87 % Total noninterest income $ 407,380 $ 273,033 $ 134,347 49 % Total noninterest income increased by $134.3 million, or 49%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. Loan Origination, Sales, Securitizations and Servicing The increase in loan origination, sales, securitizations and servicing of $89.4 million, or 169%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily driven by (i) gains during the 2026 period compared losses in the 2025 period on interest rate swap positions primarily related to personal loans and student loans ($282.7 million), (ii) higher origination fees ($36.3 million) primarily driven by increased originations compared to the year ago quarter , and (iii) net fair value gains on home loans ($11.6 million) primarily impacted by increased home loan origination volume. These increases were partially offset by (i) net fair value losses on personal loans and lower fair value gains on student loans driven by weighted average mark decreases ($223.6 million), (ii) net higher loan write-offs ($33.1 million) driven by balance sheet growth and (iii) unfavorable changes in home loan and student loan commitments ($13.2 million). Technology Products and Solutions Technology products and solutions decreased by $37.1 million, or 43%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. These results reflected the exit of a large client who fully transitioned off our platform in 2025. Loan Platform Fees and Related Servicing Loan platform fees and related servicing increased by $44.7 million, or 47%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. This was driven by an increase of $1.4 billion of Loan Platform Business originations. The following table presents the components of noninterest income associated with our Loan Platform Business: Three Months Ended March 31, 2026 vs 2025 ($ in thousands) 2026 2025 $ Change % Change Loan platform fees (1) $ 138,255 $ 92,750 $ 45,505 49 % Servicing (2) 2,557 3,346 (789) (24) % Loan platform fees and servicing, total noninterest income $ 140,812 $ 96,096 $ 44,716 47 % ___________________ (1) Recorded within noninterest income—loan platform fees in the condensed consolidated statements of operations and comprehensive income, and the Financial Services reportable segment. (2) Recorded within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income, and the Lending reportable segment. Amounts reflect revenue from our servicing agreements on loans which we did not originate, excluding the impacts of changes in fair value inputs and assumptions on related servicing rights as they were immaterial for all periods presented. 73 SoFi Technologies, Inc. TAB LE OF CONTENTS Net crypto transaction revenue Net crypto revenue was $0.9 million for the three months ended March 31, 2026, driven by the launch of SoFi Crypto in the fourth quarter of 2025. Other Other noninterest income increased by $35.7 million, or 87%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The increase was driven by higher interchange income as a result increased spending volumes across SoFi Money and Credit Card and higher brokerage income. Provision for Credit Losses Three Months Ended March 31, 2026 vs 2025 ($ in thousands) 2026 2025 $ Change % Change Credit card $ 8,506 $ 5,819 $ 2,687 46 % Commercial and consumer banking 389 (141) 530 n/m Total $ 8,895 $ 5,678 $ 3,217 57 % The provision for credit losses was $8.9 million for the three months ended March 31, 2026, reflecting net charge-offs of $7.9 million and an allowance increase of $1.0 million. Net charge-offs of $7.9 million decreased $0.1 million compared to the three months ended March 31, 2025, driven by the credit stabilization in our credit card portfolio as a result of improved underwriting standards and risk mitigation actions. The allowance increase of $1.0 million primarily reflected growth in the credit card portfolio balances, partially offset by continued improvement in credit quality of the portfolio. The prior year provision for the three months ended March 31, 2025 was $5.7 million, reflecting net charge-offs of $8.0 million and an allowance release of $2.3 million. Refer to “ Analysis of Charge-offs ” for a further discussion of the factors driving changes in net charge-offs and the allowance. Analysis of Allowance for Credit Losses Allowance for Credit Losses Ratios The following table presents the ratio of allowance for credit losses to total loans outstanding that are measured at amortized cost: ($ in thousands) March 31, 2026 March 31, 2025 Allowance for credit losses to total loans outstanding Allowance for credit losses $ 51,934 $ 44,369 Total loans held for investment, at amortized cost outstanding (1) 1,416,765 1,329,279 Ratio (2) 3.67 % 3.34 % __________________ (1) Total loans outstanding excludes accrued interest. (2) The increase in the ratio was primarily attributable to a decrease of $90.1 million in secured loans. We omitted the credit ratios associated with nonaccrual loans, as the balance of nonaccrual loans was immaterial. 74 SoFi Technologies, Inc. TAB LE OF CONTENTS Allocation of Allowance for Credit Losses The following table presents the allocation of the allowance for credit losses and the percentage of loans outstanding by category to total loans outstanding that are measured at amortized cost: March 31, 2026 March 31, 2025 ($ in thousands) Allowance for credit losses Percent of loans to total loans (1) Allowance for credit losses Percent of loans to total loans (1) Credit card $ 50,064 35 % $ 42,179 26 % Commercial and consumer banking 1,870 13 % 2,190 11 % Secured loans (2) — 52 % — 63 % Total $ 51,934 100 % $ 44,369 100 % __________________ (1) Loans outstanding balances used in the calculation exclude accrued interest. (2) Secured loans are term loan arrangements secured by underlying loans (collateral) owned by the debtor. The underlying loans were previously originated by us and were subject to our underwriting process and risk models, prior to being sold to the debtor and in most instances these loans continue to be serviced by us. We evaluate the credit quality of our secured loan portfolio relative to the fair value of the underlying collateral, reassessing it quarterly based on relevant information, including funded loan rates and historical loss experience. An allowance for credit losses is required when there is an expected credit loss after considering the fair value of the collateral as well as any anticipated future changes in the underlying collateral. As of March 31, 2026, based on this evaluation we did not recognize an allowance for credit losses on our secured loans. 75 SoFi Technologies, Inc. TAB LE OF CONTENTS Analysis of Charge-offs The following tables present information regarding average loans outstanding, net charge-offs and the annualized ratio of net charge-offs to average loans outstanding: Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 ($ in thousands) Average Loans (1) Net Charge-offs (2)(3)(4) Ratio (4)(5) Average Loans (1) Net Charge-offs (2)(3)(4) Ratio (4)(5) Personal loans $ 22,886,367 $ 170,821 3.03 % $ 18,394,833 $ 150,074 3.31 % Student loans 14,368,902 22,919 0.65 % 9,051,465 10,597 0.47 % Home loans 1,399,917 — — % 226,734 — — % Secured loans 805,795 — — % 757,030 — — % Credit card 464,009 7,647 6.68 % 297,637 7,990 10.89 % Commercial and consumer banking 176,189 248 0.57 % 149,374 3 0.01 % Total loans $ 40,101,179 $ 201,635 2.04 % $ 28,877,073 $ 168,664 2.37 % ___________________ (1) Average balances were calculated on daily carrying balances. (2) Net charge-offs include both credit- and certain non-credit-related charge-offs . Non-credit related charge-offs, which primarily relate to alleged or potential fraud, occur occasionally in our business and are impacted by factors different from our credit related charge-offs. Non-credit related charge-offs were immaterial for all periods presented. (3) Net charge-offs related to personal, student and home loans are generally recorded in noninterest income—loan origination, sales, securitizations and servicing as part of the respective loans total change in fair value. Net charge-offs related to credit card and commercial and consumer banking are considered as part of the allowance for credit losses and provision for credit losses. (4) Excludes the impact of delinquent personal loan sales during the quarter. These loans were sold prior to charge-off during each respective quarter and otherwise would have been charged off as of the quarter-end consistent with our policy. See Note 3. Loans to the Notes to Condensed Consolidated Financial Statements for additional information. (5) Net charge-off ratio is calculated as net charge-offs divided by average loans. For the three months ended March 31, 2026, the total net charge-off ratio was 2.04%, a decrease of 33 bps compared with the three months ended March 31, 2025, and total net charge-offs were $201.6 million, an increase of $33.0 million over the comparable period. The decrease in the total net charge-off ratio was primarily due a lower credit card net charge-off ratio reflective of higher average credit card loan balance and normalization in delinquency rates (total credit card delinquency rate was 4.1%, up approximately 10 bps from the comparative period) as a result of improved underwriting standards and risk mitigation actions. Additionally, a lower personal loan charge-off ratio contributed to the decrease, reflecting higher average personal loan balances and steady delinquency rates compared to the year ago period (total personal loan delinquency rate was 47 bps, down approximately 1 bps from the comparative period). The total net charge-off ratio decrease was partially offset by an increase in the student loan net charge-off ratio primarily driven by the impact of repurchased seasoned loans during 2025 that had a higher charge-off rate, in line with our expectations. While the student loan charge-off ratio increased during the period, the delinquency rate was in line with the prior year period, reflecting overall stable credit quality of the portfolio. The increase in total net charge-offs was $33.0 million, driven by higher personal loan net charge-offs of $20.7 million student loan net charge-offs of $12.3 million primarily reflecting an increase in average loans. Noninterest Expense The following table presents the components of our total noninterest expense: Three Months Ended March 31, 2026 vs 2025 ($ in thousands) 2026 2025 $ Change % Change Technology and product development $ 187,675 $ 156,206 $ 31,469 20 % Sales and marketing 335,539 238,176 97,363 41 % Cost of operations 171,123 135,520 35,603 26 % General and administrative 197,584 156,397 41,187 26 % Total noninterest expense $ 891,921 $ 686,299 $ 205,622 30 % Total noninterest expense increased by $205.6 million, or 30%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, as described below. 76 SoFi Technologies, Inc. TAB LE OF CONTENTS Technology and product development Technology and product development expenses increased by $31.5 million, or 20%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The increase was primarily driven by higher employee compensation and benefits attributable to increases in headcount and salary to support our growth, and amortization of internally-developed software. Sales and marketing Sales and marketing expenses increased by $97.4 million, or 41%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The increase was driven by: (i) increases in advertising and marketing expenditures, (ii) higher lead generation costs primarily related to our Financial Services and Lending segments as we continue to drive expansion of our products and offerings, and (iii) higher employee compensation and benefits attributable to increases in headcount to support our growth. Cost of operations Cost of operations expenses increased by $35.6 million, or 26%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The increase was driven by higher employee compensation and benefits attributable to increases in headcount and salary to support our growth, and loan origination and servicing expenses. General and administrative General and administrative expenses increased by $41.2 million, or 26%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. This increase was driven by higher employee compensation and benefits attributable to increases in headcount and salary to support our growth, tools and subscriptions costs reflective of continued investments in technology, as well as transaction-related expenses of $0.9 million in the first quarter of 2026. Income Taxes For the three months ended March 31, 2026 and 2025, we recorded income tax expense of $32.8 million and $8.7 million, respectively. The income tax expense recognized in both periods was primarily attributable to the Company’s profitability, partially offset by discrete tax benefits for stock compensation recorded in each quarter. For the three months ended March 31, 2026, the Company’s effective tax rate was lower than the U.S. federal statutory rate primarily due to excess tax benefits from stock compensation. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts that are more likely than not expected to be realized. In making such a determination of whether a valuation allowance is necessary, the Company considers all available positive and negative evidence supporting the allowance. During the three months ended March 31, 2026, we continue to maintain a valuation allowance in certain state and foreign jurisdictions where sufficient positive evidence does not exist to support the realizability of deferred tax assets. Management will continue to assess the need for a valuation allowance in future periods. 77 SoFi Technologies, Inc. TAB LE OF CONTENTS Summary Results by Segment Contribution profit is the primary measure of segment-level profit and loss that, along with our key business metrics, is used by management to evaluate our business, measure our performance, identify trends and make strategic decisions. Contribution profit is defined as total net revenue for each reportable segment less expenses directly attributable to the reportable segment, provision for credit losses and, in the case of our Lending segment, adjusted for fair value adjustments attributable to assumption changes associated with our servicing rights and residual interests classified as debt. See the sections entitled “Consolidated Results of Operations”, “Summary Results by Segment” and “Non-GAAP Financial Measures” for discussion and analysis of these key financial measures. The following table sets forth selected segment-level data: Three Months Ended March 31, 2026 vs 2025 ($ in thousands) 2026 2025 Change % Change Lending Total net revenue $ 642,420 $ 413,373 $ 229,047 55 % Directly attributable expenses (246,898) (173,399) (73,499) 42 % Contribution profit 382,386 238,935 143,451 60 % Technology Platform Total net revenue $ 75,086 $ 103,427 $ (28,341) (27) % Directly attributable expenses (63,087) (72,514) 9,427 (13) % Contribution profit 11,999 30,913 (18,914) (61) % Financial Services Total net revenue $ 428,543 $ 303,119 $ 125,424 41 % Provision for credit losses (8,890) (5,639) (3,251) 58 % Directly attributable expenses (224,069) (149,148) (74,921) 50 % Contribution profit 195,584 148,332 47,252 32 % Reportable segments total Total net revenue $ 1,146,049 $ 819,919 $ 326,130 40 % Provision for credit losses (8,890) (5,639) (3,251) 58 % Directly attributable expenses (534,054) (395,061) (138,993) 35 % Contribution profit 589,969 418,180 171,789 41 % 78 SoFi Technologies, Inc. TAB LE OF CONTENTS Lending Segment Lending Segment Results of Operations The following table presents the measure of contribution profit for the Lending segment. Three Months Ended March 31, 2026 vs 2025 ($ in thousands) 2026 2025 $ Change % Change Net interest income $ 500,231 $ 360,621 $ 139,610 39 % Noninterest income 142,189 52,752 89,437 170 % Total net revenue 642,420 413,373 229,047 55 % Servicing rights – change in valuation inputs or assumptions (1) (13,163) (1,074) (12,089) n/m Residual interests classified as debt – change in valuation inputs or assumptions (2) 27 35 (8) (23) % Directly attributable expenses: Direct advertising (96,905) (67,769) (29,136) 43 % Lead generation (59,144) (40,245) (18,899) 47 % Compensation and benefits (52,249) (35,889) (16,360) 46 % Loan origination and servicing costs (24,696) (18,721) (5,975) 32 % Professional services (3,861) (2,235) (1,626) 73 % Intercompany technology platform expenses (612) (489) (123) 25 % Other (3) (9,431) (8,051) (1,380) 17 % Directly attributable expenses (246,898) (173,399) (73,499) 42 % Contribution profit $ 382,386 $ 238,935 $ 143,451 60 % Adjusted net revenue – Lending (4) $ 629,284 $ 412,334 $ 216,950 53 %